Good News to Kickstart National Homeownership Month
When things hit rock bottom, the only way is up. And the driving force for this much-anticipated recovery in the U.S. economy will likely be the housing industry.
According to Dean Mon, the chairman of the National Association of Home Builders, "NAHB anticipates that housing will help lead the economy out of this period of uncertainty and is likely to rebound faster than other sectors." Reasons behind this include "pent-up demand for housing and low-interest rates".
Indeed, a look at the recent U.S. housing data warrants such optimism. The NAHB/Wells Fargo Housing Market Index (HMI), a widely-watched indicator for the outlook of the U.S. housing sector, suggested signs of the market stabilizing, with builder confidence for newly-built single homes increasing from 30 to 37 in May 2020. Meanwhile, Zillow had also recorded a healthy increase in real estate activity, as the past month saw a 40.8% increase in newly pending sales and 37.8% in new for-sale listings.
National Homeownership Month
A monthlong celebration of the dream-come-true of homeownership, National Homeownership Month has never been more important than now, as we continue to weather through the coronavirus pandemic. "Homeownership remains the cornerstone of the American Dream. As our living spaces this year turned into offices, schools and playgrounds, a place to call home is important now more than ever," said Mon.
The association has therefore also shared a useful online toolkit in celebration of June, and more importantly, to provide consumers with more information regarding the benefits of homeownership. From tips to 'Design Your Home Office for Productivity' to 'Insider Hints for Design on a Budget,' there's something for everyone.
While we wait for the economy to get back in shape over the coming months, check out how to 'Get Your Home in Shape for Summer' below.