Thursday, May 28, 2020 / by Paul Beaulieu
Home-Buying Demand Surges 17% from Pre-Pandemic Levels
- Home-buying demand is now 16.5% above pre-coronavirus levels on a seasonally adjusted basis, driven by record-low mortgage rates
- Demand for homes is far outpacing housing inventory. 45% of homes were on the market less than two weeks for the first two weeks of May.
- 3D and virtual home tours are becoming increasingly more popular as tech native Millennials prefer the use of technology.
Home-Buying Demand Reaches New Peak
Demand is 17% higher than it was before the pandemic, on a seasonally adjusted basis. Mortgage rates have stimulated the housing market, with the average 30-year fixed-rate mortgage at record lows of 3%.