The housing market in the United States of America has been experiencing some wild swings for the past couple of years. The swings are caused mainly by the Coronavirus pandemic.
American Housing Sector is Recovering
The housing market in the United States was badly impacted during the pandemic. Finally, with the help of health organizations from all over the world, the pandemic has started fading away. As the pandemic’s effect fades, the housing industry has started regaining its momentum.
Now, the housing sector is recovering to the pre-pandemic levels. Surprisingly, the recovery rate shows that the housing sector will surpass the growth rate that was expected in the pre-pandemic market assessments.
The rise in Real Estate Listings
The real estate market analysis report shows that the month of June has proven to be very promising for the industry. In the month of June alone, the listings for real estate industry have recorded an 18.7% surge.
The increase recorded in June of 2022 is compared to the same month in the year 2021. Even the month of May in 2022 also recorded significant growth in the number of real estate listings.
It has happened for the first time since July of 2017 that the real estate listings’ growth has continued rising for two consecutive months at a fast rate.
Compared to the June of 2021, each day in the month of June 2022 has recorded the listings of 98,000 more houses on average. This is a giant growth that has been recorded in the real estate sector in terms of daily listings.
Long Way to Hit the Pre-Pandemic Levels
Although the growth rate of the real estate sector is very high, still, it has a long way to come close to the same levels it was before the pandemic.
The recovery rate of the real estate sector after the pandemic may be very fast but it is too far away from the actual levels recorded before the COVID-19 discovery.
The data shows that there are 53.2% more houses in the market in the year 2019 than they are now. This means that the particular number was double the number of available houses at present.
Despite the dip the real estate sector faced in 2020 and 2021, the latest statistics look quite promising. This means that the real estate sector has started to get back on its feet.
From this point onwards, real estate may start regaining its old market potential. Even the median prices of the houses in the running year for the month of June have risen by 16.9% compared to June of 2021. As compared to the year 2020, the rise is 31.4%.