In this segment of our weekly Outlook Webinar: COVID-19 Update, Senior Managing Principal, Tim Sullivan, and Chief Economist, Ali Wolf, provide real-time updates on how the coronavirus pandemic impacts the housing industry.
Economic and industry updates include:
All 50 states have relaxed containment measures with mixed results from states that were early to open.
April data reveals the depth of COVID-19 impacts on the economy:
Industrial production was at the lowest level in history
Housing starts were at the lowest levels since 2015
Retail sales were at the lowestsince 1992
The mortgage industry continues to experience shifts as a result of COVID-19 with mortgage rates are at a historic low of ~2.7% and housing sales are down 38% year-over-year
As of May, 60% of Builders report improving contracts, yet many expect to be at least 80% off plan