Housing markets with higher job creation pre-COVID-19 — particularly in the technology sector — are recovering faster than their non-tech counterparts, according to Realtor.com’s Weekly Housing Recovery Report. Reported Miami Agent Magazine.
Realtor.com’s Housing Market Recovery Index for the week ending June 13 increased 1.2 points over the previous week, moving up to 90.0. This indicates that the U.S. housing market has recovered nearly half of its January 2020 levels. Nationwide, median listing prices grew 4.6% compared to last year, slightly higher than the pre-COVID rate and total inventory was down 27%, potentially pointing to rising buyer interest. However, new listings were down 20%, and houses were on the market an average of 16 days longer than last year.
Looking at local data tells a more complex story, Vivas said. “Markets with stronger job creation pre-COVID are proving to have the crucial edge for real estate activity, particularly those with a strong technology sector. As more tech companies weather the storm, the stable jobs and incomes they offer will continue to power demand for homes in these areas, enabling home sales to bounce back faster than the rest of the country this summer.”
Regarding Miami Real Estate, the index for Miami’s housing market increased 1.6%, showing strong signs of recovery with a score of 97.2, placing it within the top 20 cities in its recovery of those measured.