How did the crisis affect real estate in the United States?

The economic and health crisis caused by the coronavirus pandemic has affected all sectors of the US economy and real estate has not been the exception. How has the new normal modified the buying and selling of houses?

In the United States, home prices were up 5% in the second quarter of this year compared to the same period last year, but the volume of transactions also grew.

"The residential market is now booming despite the health and economic crisis," Jeff Tucker, an economist at the Zillow company, tells BBC Mundo.

So much so, that in the month of July home sales soared 24.7% compared to the previous month, according to the National Association of Property Brokers.

"The market passed the recovery phase and is now booming," wrote the organization's chief economist, Lawrence Yun, in a report released in late August.

The paradox is that the months of June and July have become the best time for buyers and the worst time for most jobless tenants who fear eviction.

As in other parts of the world, buyers with enough savings to pay the deposit are taking advantage of the fact that the interest rates set by the Federal Reserve in the world's leading economy are close to zero.

That explains why applications for mortgage loans reached a peak that had not been seen since 2008.

Another trend that has begun to grow among those who have a solvent economic position in the United States, is the search for larger homes in suburban areas.

For those who can afford it, this is a good time to get more space, for less money

 The fact that in the last few months people have spent more money decorating and improving their homes is another indication that housing has become a priority for Americans.

With a large number of people working from home and many companies that plan to continue having this modality even after the pandemic ends, there is no longer a need to live in cities.

Investing money in living more comfortably, therefore, seems like a logical option.

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