2021 U.S. Housing Outlook

April 6, 2021

 Housing Was the Top Macro Surprise of 2020 

• CoreLogic’s National Home Price Index rose 9.2% YoY, a remarkable performance given the severity of job losses and incomplete recovery of pre-pandemic employment levels. 

• As the pandemic began to restrict social interaction, households suddenly found themselves working from home (also schooling, cooking, and pretty much everything else from home); distance mattered less, and space mattered more. 

• Reflecting these new demands on homes, potential downsizers and retirees decided to postpone listing decisions, while space-constrained families and second-home buyers put new urgency into their purchase decisions, both of which drove the pre-pandemic supply-demand imbalance from bad to worse. 

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