Permits for single-family homes saw their highest levels since 2007 sparking even more demand for building materials and keeping the housing markets healthy for the time being. Shortages in real estate and availability of homes with the amenities families have now prioritized are at a premium. Living spaces with purpose; home offices, areas for homeschooling, outdoor recreation areas, and private get-away spaces are driving huge demands for new homes, renovations, and relocations.
With many people moving or strongly considering a suburban life away from COVID-19 hot spots and densely populated areas around the nation’s most populous urban areas have driven single-family home prices to their highest levels in decades.
Originally reported via Reuters: “It appears the strength in housing is being driven by the first-time home buyer coming off the sidelines and taking advantage of historically low mortgage rates along with the opportunity to purchase a home in a location they might not otherwise consider outside of the current work-from-home environment,” said Scott Volling, principal at PwC in Atlanta.