Realtor.com has released another edition of its Housing Market Recovery Index for the week ending July 4. With many states toggling back its phases of reopening, housing continues to show signs of a steady come back, which has been a common narrative throughout this recovery. The week ending July 4 registered with a Housing Market Recovery Index score of 97.8 nationwide. This is the largest weekly increase since the index was created. The 2.1 point jump from the week prior brings the index just 2.2 points shy of the pre-COVID baseline.
“The overall improvement comes primarily from large jumps in the ‘pace of sales’ component – which continues to move quickly toward recovery- and little movement in the ‘housing demand’ component – which remains well above recovery,” read the report from Realtor.com.
Interest from buyers has reached record highs across the nation, with the West and Northeast leading the charge. Greatest recovery was shown in Boston, Denver, San Francisco, Philadelphia, as well as Los Angeles.
Once again, there are signs of hope for the economy, with housing spearheading this recovery.