We start this one off similar to last month. A bounce in activity, pushed sales higher, jumping 45% from last year, while inventory levels plunged by 23%. As the old saying goes, “supply and demand.” This pushed the benchmark price up 0.3% year-over-year, the first annual increase since October 2018. While this recovery is certainly encouraging for those who have a financial interest in the real estate market, a word of caution is warranted. Demand, a key function of the supply and demand equation, looks increasingly volatile. The recent outbreak of the Coronavirus has reached pandemic levels, although not officially dubbed so just yet. As schools close, corporations suspend travel, and consumers avoid public settings, the economic effects will be wide ranging. Policy makers are well aware of this, and the recent G7 emergency meeting only created further panic. Apparently there isn’t a cure interest rates can’t solve, including global pandemics.
Steve is a regular speaker at industry events, hosts an online video series ‘The Saretsky Show’, and authors the popular “Saretsky Report” which is read by over 7000 subscribers.
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