Outlook Webinar: COVID-19 Update – April 29
This week during our Outlook Webinar: COVID-19 Update, Senior Managing Principal, Tim Sullivan, and Chief Economist, Ali Wolf, provide real-time updates on how the coronavirus pandemic impacts the housing industry.
Key economic and industry changes discussed in the presentation include:
- More states are changing their containment measures; Noteworthily, Georgia has permitted non essential businesses to reopen, Texas in their phase one of reopening is allowing select non essential business to re-open at 25% capacity and Washington is allowing construction businesses to operate.
- The mortgage market is experiencing several shifts given COVID: Mortgage sales are still down but the rate of of decline is slowing, realtors report there is a 76% decline in home buyer interest and Home Buyers continue to expect lower prices.
- The American economy is forecasted to open up in May, but there are several hurdles that must be overcome for full operation: Massive layoffs by private companies and state agencies – more expected later this year as well – lower business investments being made by executives, consumer fear and and supply chain limitations, to name a few.
- Several trends impacting the Housing Market reflected in survey data: Nearly 50% of builders reported better net sales week over week, 88% of builders continue to keep base prices flat week-over-week and 54% of Homebuilders are selectively moving forward with new lot/land acquisition.