This week during our Outlook Webinar: COVID-19 Update – The Housing Market, Senior Managing Principal, Tim Sullivan, and Chief Economist, Ali Wolf, provide real-time updates on how the coronavirus pandemic continues to impact our economy and the residential construction industry.
Texas, Florida, Alabama, and Arkansassee drastic spikes in COVID-19 cases and hospitalization due to relaxed containment measures.
The housing market continues to experience significant shifts due to COVID:Existing home sales are down 26.6%, resale inventory is down 30% YOY and lending standards are back to 2014 levels.
The economy continues to rebound despite ~20M Americans still unemployed.
Builders are experiencing lower cancellations than most expected; Only 11% of builders reported an increase in cancellation week-over-week
Several trends in the Housing Market continue to emerge due to COVID: Builder web traffic is up 32% YOY, and 39% of Builders report an increase to build cycle times and inventory continues to be down even in the new home space.