The COVID pandemic has caused a shakeup in where, and how, many people work. That has helped propel a thriving housing market.

First-time homebuyers found their long-term plans changed due to COVID.

Higher income, backed up by lower mortgage rates, has expanded the reach of the average homebuyer, but an increased demand for homes has concurrently driven up prices, negating two of the three main factors in First American Financial Corp.’s Real House Price Index.  

Existing-home sales slid for the third month in a row in April, declining 2.7% from March to a seasonally adjusted annual rate of 5.85 million, according to the National Association of Realtors.

The limited inventory that has plagued the housing market continued, although at an abated pace.

Whether they’re still weary of going to a gym full of people or just looking to work off those extra pandemic pounds in privacy, homebuyers are increasingly prioritizing home exercise rooms.

The employment numbers for March were revised down as well. The most recent data indicate a 770,000 increase in jobs for the month, compared to the previously reported increase of 916,000.

“This is a sign that the competitive purchase market, driven by low housing inventory and high demand, is pushing prices higher and weighing down on activity.” — Mortgage Bankers Association Associate Vice President of Economic and Industry Forecasting Joel Kan.

Year over year, the pace of sales was up 66.8% nationwide.

As the economy slowly recovers from the early days of the pandemic, the share of loans in forbearance dropped for the seventh consecutive week, signifying a 40-basis-point decrease in the last two weeks.

Brokers may use their cell phones to make marketing calls and send marketing texts, if the cell phone does not have an app that will automate the dialing system.

“A credit report and credit score are the gateway to a mortgage,” — NAR President Charlie Oppler.

The National Association of Home Builders published the results of its Special Study for Housing Economics, highlighting the 2020 annual census of who makes up its members.

Prices in the Houston metro area were up 6.3% over February 2020. CoreLogic classified Houston’s market as “overvalued.”

While pandemic headlines had many leaving cities and moving to the suburbs or looking for additional space in their current home, interest in tiny homes was little remarked upon.

Much of the year-over-year increase in home sales was supported by continued robust activity in the Southeast, which saw a 20.2% rise to an annual rate of 458,000 transactions.