With a vaccine rollout underway, the new year is set for strong performance in the housing market, according to First American Financial.
“The potential for a successful vaccine rollout in the first half of 2021 bodes well for economic recovery in the second half of 2021,” said First American Chief Economist Mark Fleming. “But, first, we need to get through the winter, luckily a time when the housing market is usually slow.”
But even as the housing market enters the colder months, potential existing-home sales continued to increase 3% month over month in November at a seasonally adjusted annualized rate (SAAR) of 6.05 million sales.
Compared to a year ago, the market potential for existing-home sales was up 10% to a gain of nearly 551,135 (SAAR) sales. It is also 10.9% (743,100 million SAAR) below the pre-recession peak of…