The year has seen a global pandemic, social unrest, a divisive presidential election and, surprisingly, a booming real estate market despite it all.
Home sales and prices have substantially increased this year, and properties are spending less time on the market, even compared with 2019, before the COVID-19 pandemic.
“That is a big surprise,” said Lawrence Yun, chief economist at the National Association of Realtors.
Yun pointed to financial factors as the first reason for the market’s growth. Mortgage rates have repeatedly hit record lows this year, according to data from Freddie Mac, a company set up by Congress to buoy homeownership.
