Here are the latest housing market predictions for 2021 & 2022. The global pandemic shattered the world order and the US economy suffered its biggest blow since the Great Depression in the second quarter. It has been roughly one year when it put the housing market on hold for several months last spring. Back in March of last year, the real estate market looked to be headed into a steep decline due to widespread stay-home orders.
We will discuss the Los Angeles housing market trends and forecast for 2021. After the impact of the pandemic, which halted the market for a while, we saw the first rebound in home sales in June of last year. Since then the home prices & sales have been accelerating year-over-year across the Southern California housing market and Los Angeles is no exception.
It is a no-brainer that low-interest rates haven’t been enough to motivate sellers who are unable or unwilling to list their properties in light of the job losses stemming from the underlying recession. This has resulted in a tight housing inventory, accelerating prices to unsustainable heights compared on a year-over-basis.
The Boise housing market is sizzling hot and is being fueled by low mortgage rates and limited supply compared to demand. The result is that buyers have to pay over the asking price. Let's take a look at the overall housing trends for the previous year. In total, 11,728 homes sold in Ada County in 2020 — 5.2% more than in the previous year. This represents existing and new construction combined, according to the latest report released by Boise Regional Realtors.
We shall discuss the latest Chicago housing market trends and forecasts. Let's first take a look at the statewide data released by Illinois REALTORS®. December is normally one of the slowest months of the year but strong buyer demand boosted by low-interest rates continues to drive prices and sales up. The Illinois housing market performed well in December with a surge in home sales and higher median prices.
The statewide home sales and prices were higher not just in December, but for 2020 as a whole. Statewide year-end 2020 home sales totaled 172,394, up 9.6 percent from 157,268 in 2019. The year-end 2020 median price reached $225,000, up 7.7 percent from $209,000 in 2019. Months Supply of Inventory in 2020 was 2.0, a decline of – 44.4% from the previous year.
This article has been updated to reflect the most recent trends in the San Francisco Bay Area housing market. Motivated home buyers drove prices and sales up in December in a tight California housing market. The San Francisco Bay Area remained on top with the highest gain of 40.2 percent over last year's sales. Regionally, all the counties saw massive double-digit gains in sales as compared to last year except for Solano, where an 8% growth was seen.
