According to The New York Times, an estimated 5% of New York City residents and 18% of Manhattanites alone left the city between March and May. At the moment, the moratoriums on foreclosure have kept lenders from being able to even start their processing of defaults. Home prices across Canada could tumble about seven per cent in 2021, as unemployment dampens the hot real estate market, according to a forecast by Moody's Analytics, Inc. The major effect will be seen in the summer of 2021 because foreclosure that starts today is probably not going to be processed until mid of 2021. We cannot expect the new listings to improve under such conditions. San Jose, CA: 1-bedroom median decreased 4.9% to $2120 from the month prior and the 2-bedroom median decreased 3.2% to $2680. For four straight months, home sales have grown in every region compared to the previous month. In the week ending November 7, the housing supply component, which tracks the growth of new listings, has continued to decline, for the second week in a row, to 95.9, down 2.7 points over the prior week, and 4.1 points below the January baseline. Still, the early rebound "indicates the housing market may be equipped to lead the broader economy through the recovery." https://www.zillow.com/home-values/ If the pandemic worsens further in the coming months, the sales are forecasted to take a hit as sellers might again de-list their properties and buyers would also stay away. That will push rental growth down to -1.5% year-over-year over the next couple of quarters. In April & May, the nation’s median listing price growth had deaccelerated, driven by diminished seller expectations and a shift in the mix of homes for sale. Both prices and sales have been surging month-over-month breaking new records. Housing Impact Predictions For Recession 2021, 3 Expert Insights On Housing Inventory In Today’s Market, Home Prices Up 5.05% Across the Country [INFOGRAPHIC]. In October, the median national home listing price on Realtor.com grew by 12.2 percent year-over-year, to $350,000. With 10 years having now passed since the Great Recession, the U.S. has been on the longest period of continued economic expansion on record. Housing market predictions that take Covid-19 into account have already come out. Oakland 1 and 2-bedroom medians decreased by 19.2% and 12.3%, respectively. That’s compared to the original housing market forecast of a decline of 1.8 percent in home sales. If you qualify for a mortgage, you have a more limited selection and prices close to what they were before the coronavirus hit, but you have relatively little competition. https://www.realtor.com/research/2020-housing-market-predictions-covid-19-update/ Another factor affecting this equation is the rising average price of new homes. A multi-generational housing market is creating limited supply and increased competition, driving up prices at the affordable end of the market for the foreseeable future. Three of four regional indices recorded decreases in contract activity on a month-over-month basis in September. Usually larger metro areas have an advantage when it comes to rental properties. Seventy-one percent of homes sold in September 2020 was on the market for less than a month. Michigan Home Buyers… Need A Little Help With That? Housing prices have surged to new records due to very strong demand but low mortgage rates are helping buyers offset this increased cost. The resulting pent up demand has driven homebuyers back to these markets, but now with an increasing preference for neighborhoods outside of the dense city centers and more toward suburban areas. The median U.S. rent stood at $1,771 in August, down 0.3% from July, the largest monthly decrease since September 2017, according to the real estate website Zillow. Realtor.com's home sales recovery index saw continued signs of improvement in October as well. https://www.realtor.com/research/2020-national-housing-forecast/, Housing construction, demand, and supply Markets that are still below the baseline include Buffalo, Oklahoma, Miami, and Chicago. 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