Housing market sales reach an unexpected 16% increase despite COVID-19 regulations

During the month of March sales were declining rapidly for home market sales, yet new numbers reported from the Census Bureau saw growth and will predictably continue for the following month.

Just before numbers were released showing new sales, the annual rate sales for the United States dropped 9.7 percent. According to ABC News, this drop in sales is attributed to coronavirus shutdowns.

Shortly after that, the recently built single-family homes saw an adjusted annual rate from the Bureau and Department of Housing and Urban development by $676,000.

The following month, an increase in sales from April to May was recorded over 16 percent.

As houses are visually and physically sold to most buyers in person, it was questionable where this increase in sales was rooted from.

However, house markets have invested more into virtual and technological resources. By investing in technology, positive results were seen in numbers, which may cause a change in the undervalue placed on technology for home markets moving forward.

These sales could also depend on the gradual reopening of businesses and so forth.

Nancy Vanden Houten predicts a decline will still occur when looking at the big picture in an article from ABC News.

“The slow recovery in the labor market will limit the upside of any rebound in the housing market,” Houten said.