As Coronavirus rages in some parts, US consumer confidence is falling threatening the country’s economic recovery.
This past Saturday the current unemployment benefit came to an end, which impacts millions of Americans.
The consumer confidence index dropped from 98.3 in June to 92.6 in July. Mid-July also saw the first increase since March in the number of people claiming unemployment benefits. This news should negatively affect the economy and housing market.
But the housing market outlook is bright. Record-low mortgage rates are helping the housing market to remain stable for now.
This past Tuesday, the Commerce Department said the home ownership rate jumped a record 2.6 percentage points in the second quarter to 67.9%, the highest since the third quarter of 2008.
This past Sunday, the Columbus Dispatch reported that both new home sales, and sales of existing/rehabbed homes, are up significantly from last year.
According to Realtor.com, Columbus, Ohio is one of the hottest housing markets in the nation right now. The average home price in the 43206 zip code (German Village, Southern Orchards) has risen 16% this past year. The average home price in the 43205 zip code (Old Towne East, Old Oaks, South of Main, Franklin Park) has increased over 13% this past year. The Columbus market is hot.