July is here – and according to the Housing Market Recovery Index, positive signs of recovery are continuing this summer. The index is a measure calculated by the National Association of Realtors (NAR)® with a value of 100 meaning that the market has recovered. You can view the index and select charted data from various markets here: https://www.realtor.com/research/housing-market-recovery-index/.
A Note On How To Read The Index: The overall index is set to 100 for the last week of January based on average year-over-year trends that month, and updated every week relative to that baseline. A value of 100 means the market has recovered to January 2020 pace. The higher the index value, the higher the level of recovery. The lower the index value, the lower the level of recovery.
For the week ending on June 27th (the latest available data), the Housing Demand Growth Index was 119.5, the Listing Price Growth Index was 102.6 and the overall Housing Recovery Index was 95.8 – all reflecting national averages.
For the San Jose-Sunnyvale-Santa Clara Index, the Recovery Index is at 104.4, while the San Francisco-Oakland-Hayward Recovery Index jumped to 111.2!
Other report highlights include that COVID-19 concerns do remain a short-term threat to recovery in certain areas – notably Midwest markets with struggling economies and sunbelt markets with poor containment.
If you have any questions at all about how the current housing recovery patterns relate to your goals and opportunities, please reach out!
Housing Market Recovery: Things Are Looking Up
All my best,
NAR Instructor….“Designations Create Distinctions”
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Bobbi Decker & Associates fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. For more information, please visit: http://portal.hud.gov/