- The housing market has shot back since the beginning of the coronavirus pandemic.
- Realtor.com found that more than half of the country's largest metros had recovered from pandemic lows in July.
- But in addition to recovering, some have even surpassed pre-pandemic levels as housing continues to the factor expected to help bring us out of the current recession.
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Back in March, the coronavirus pandemic put a sudden halt to the US housing market.
However, as the months wore on and parts of the economy began opening back up, nationwide housing began making a comeback.
In fact, the housing market has been taking steps toward a recovery since May, when buyer demand recovered. Price growth got back to pre-pandemic levels in June, and soon after, the pace of sales caught up. A recent report by Realtor.com found that more than half of the largest US metros have recovered from pandemic lows.
"Housing tends to be immune from economic downturns and slowdowns,"Realtor.com's director of economic research, Javier Vivas, was quoted saying in a the report. "Right now we're seeing markets recover faster where they're able to contain the virus better. Markets with strong technology sectors have been more resilient."
To find the 10 metro areas that have improved the most, Realtor.com looked at the year-over-year growth of the of the median home asking price, the percentage of new listings coming online, the number of days on market that it took homes to sell, and online home search. To determine the level of improvement, the report compared the state of each market in January to the week ending July 18.
A metro area that scored 100% means it reached its level from prior to the pandemic. Any score over 100 shows market improvement that has surpassed pre-pandemic levels.
Keep reading for a list of the 10 metro areas that have improved the most.
