The CDC announced that it is extending its nationwide eviction moratorium through June 30, 2021. NAR has fought successfully for federal rental assistance and will continue to advocate to ensure the moratorium doesn’t lead to a spiraling crisis for housing providers and tenants.
BAR and Greater Alabama MLS track home sales data for the Central Alabama market, including Jefferson, Shelby, Talladega, Coosa, St. Clair, Blount, Bibb, Chilton, Calhoun, Clay, Cleburne, and Randolph counties.
Following months of sharp gains, existing-home sales reversed course in February, falling 6.6%. However, the dip—precipitated by a persistent inventory crunch that’s getting worse—isn’t necessarily a significant drag on the real estate market, says NAR Chief Economist Lawrence Yun. “The market is still outperforming pre-pandemic levels.”
When it comes to challenges, the No. 1 challenge by a long shot is finding inventory. It’s also what keeps brokers up at night, with about half mentioning the lack of housing inventory as a write-in answer for current challenges.
With new construction costs high, it’s up to real estate professionals to get sellers off the fence.
Surging lumber prices and shortages in building materials are keeping some homeowners from completing renovations or repairs, forcing them to put off critical projects, the National Association of Home Builders reports.
Whereas new-home buyers typically bear the brunt of construction cost increases, current homeowners clamoring to redo their property during the pandemic are feeling the burden, too.