Housing Insights: COVID-19 Led First-Time Homebuyers to Move Away from Highly Dense City Centers
Originally published on March 30, 2021, by Rebecca Meeker and Nuno Mota for Fannie Mae.
As the COVID-19 pandemic swept across the country in 2020, it touched nearly every aspect of the U.S. economy. In the housing market, new listings, home sales, and residential construction all plummeted in the spring of 2020. In the following months, however, the housing market proved resilient, with home sales and new construction reaching decade highs amid historically low mortgage rates.