Real estate industry facing uncertainty due to Covid- 19

Posted on October 29, 2020   |  

On one side housing market construction is halted due to covid – 19 and contracts are being terminated and on the other side single-family homes demand have increased House owners are selling their condos and moving to the suburbs. Housing Market in 2021 is expected to stabilize in summers Prospective customers are looking for bigger property with more land as people are staying indoors There are 6 months waiting time to start production due to high demand US lumber market and builder cap : The median price of an existing home sold in September was $311,800, a 14.8% gain compared with September 2019, highest since tracking in 1968.acity is under supplied by 200,000 units Home inventory fell by 19.2% annually in September and current inventory can last for 2.7-month This is the lowest inventory level since 1982 however, Builder confidence is high with apply supply in next 4-5 months Lumber futures closed at USD 512 on October 25th