Real estate market update for the first half of July
SAN DIEGO (KUSI) – While much of the country was working on a phased reopening of the economy in June, real estate activity continued to strengthen as well.
Nationally, June showing activity was up notably from the depressed levels in recent months, but was also up from June of last year, reflecting pent-up demand by prospective home buyers, according to Realtor Kara Kay.
Kay joined Good Morning San Diego to talk about what’s going on in the real estate market now that we are in the first half of July.
“As we get more data, as it rolls in, we continue to get more information on how this might unfold. Barring a reversal back to the complete shutdown that we had from the middle of march to the middle of May, the current forecast has a second quarter sales drop of a little less than 30%, a rebound in the third quarter of sales of 25% and a further increase of 2-3% in the fourth quarter. A drop of 1.1% in sales could be the hit we see at the tail end of 2020, but this city is poised for growth and resiliency due to its diverse employment structure,” said Kay.