JHT Market Update - EP 03
US Homeownership Rates Rise to the Highest Point in 8 Years
Hi and welcome to this week’s JHT Weekly Market Update!
For two months now we have been accustomed to strict stay-at-home orders by the state & local governments.
On the bright side, we have also had plenty of time to revisit neglected hobbies and to re-appreciate the security and comfort of having a safe place for your family to live.
The latest results of the Housing Vacancy Survey provided by the US Census Bureau indicates that the homeownership rate increased to 65.3% for the first quarter of 2020, the highest we’ve seen in 8 years.
The National Association of Home Builders explains this increase in homeownership to the decreasing mortgage interest rates and strong new home sales in the first two months before COVID-19.
Homeownership has and always will be the ‘American Dream’ especially in a time like this where we are feeling more grateful to have a home to shelter in place.
Even though COVID-19 may be slowing our lives down, it is clear that we are seeing the emotional value of homeownership too.
To the current market overview of the areas of Fullerton, Cypress & La Mirada over the past 7 days shows there are 35 new listings on the market, 17 new contracts and 30 closings.
Stay tuned for our weekly video coming your way every Monday Morning!