Home Prices Remain Resilient Despite the Pandemic
Veros Real Estate Solutions, an industry leader in enterprise risk management and collateral valuation services, announced that Q2 2020 VeroFORECASTSM data indicates an average projected appreciation rate for residential real estate in the nation’s largest 100 housing markets has rebounded sharply from last quarter for an average of 3.5% through the second quarter of 2021. This forecast is in line with previous projections indicating positive average home price appreciation, despite economic uncertainty and unemployment, particularly in the leisure, hospitality and tourism industries, as a result of the global COVID-19 pandemic.
“With some exceptions, the vast majority of housing markets remain strong and resilient in contrast to the crash they fueled over a decade ago,” said Darius Bozorgi, CEO of Veros Real Estate Solutions. “This is a testament to the programs and policies implemented in the wake of the Great Recession. During this tragic pandemic, the current state of the housing market is proving to be a stalwart for the U.S. economy.”
Veros monitors home prices in relation to numerous economic factors, including employment trends. While economic indicators signal continued unemployment, the job losses are not consistent across the country, and in some areas, there has been a rebound from initial expectations. The fundamentals of the real estate market are still strong in most places.
Veros is committed to the data science of predicting home value based on rigorous analysis of the fundamentals and interrelationships of numerous economic, social and geographic variables as they pertain to home value. This data-driven approach indicates that many of the top-performing cities are now trending back towards the pre-pandemic level through the second quarter of 2021.
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Robert Egeland
Rob is the founder and co-owner of Ideal Title Agency.