For those hoping the current pandemic will present more affordable housing, they may be disappointed, at least for now. While things are by no means back to normal, we aren’t exactly facing a crisis like in the past. Besides the immediate aftermath of stay at home orders, the market has been fairly consistent.
The housing markets were also not affected similarly across the board. Local markets have seen varying degrees of fluctuation. Some states like Nebraska and Oklahoma have seen mortgage locks go up.
“The housing market, like most of the economy, boils down to supply and demand — the houses available to buy, and the people who want to buy them. When the coronavirus hit, they dropped pretty much in tandem. That’s why you didn’t really see prices change and they continued to steadily creep up.“