National Housing Outlook
Health Crisis Boosts Demand for Homeownership; Shortage of Homes For Sale and Rising Construction Costs Drive Prices Higher
Housing market shows resiliency through pandemic. Home sales and residential construction picked up soon after stay-at-home orders were lifted in the spring, providing a boost to local economies. Spending more time at home during the lockdown encouraged many households to reevaluate their living arrangements. Having to work or learn from home highlighted shortcomings in many existing situations. This prompted many residents to search for more functional living conditions that incorporate home offices, space for online schooling and outdoor entertainment areas. These factors contributed to a rise in home renovations, residential construction and housing sales.