FILE PHOTO: The Oculus transportation hub rises towards One World Trade in New York, U.S., June 28, 2017. REUTERS/Lucas Jackson
The Jan. 12-Feb. 1 poll of nearly 40 housing analysts forecast the U.S. Case-Shiller house price index to rise 5.7% this year and 4.6% in 2022, the highest since polling began for both periods. While renewed restrictions to curb a resurgence of infections has weighed on the near-term U.S. economic outlook, over 85% of analysts, or 30 of 35, said the risk of COVID-19 derailing the housing market in 2021 was either low or very low.[ECILT/US]
Although strong demand has led to higher home prices, a shortage of supply was squeezed further with inventory levels falling to a third of what is viewed as healthy. After existing home sales touched nearly 7.0 million units last October - the highest since November 2005 - home builders ramped up construction activity to try and match demand.
Killer photo
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Rapidly decreasing interest rates certainly help too