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Realtor.com now expects that home sales in the U.S. will rebound in the late summer and early fall as fears of the coronavirus begin to cool down, before experiencing a downturn again later in the year. According to the forecast, home prices will flatten nationally as demand shifts to secondary markets, where prospective buyers find more affordability and space.
Demand for houses continues to skyrocket, according to a report from Redfin CEO Glenn Kelman. Kelman said that bidding wars have caused listings to move quickly, and sales prices are up 3.1% year over year. The percentage of newly listed homes to accept an offer within 14 days increased from 42% in May to 47% in June.
Despite the spread of COVID-19, homebuyer demand remains strong, and U.S. home prices aren't expected to drop more than 2-3% through the end of the year, according to a forecast released by Zillow.
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