LendingTree reports that searches for “homes for sale” have increased from their 2020 lows in each metro studied.
The average lowest search-interest value in 2020 for all 50 metros studies was about 56. By the end of April, that number grew by 54% to 86.
Tucson, Arizona; Rochester, New York; and Jacksonville, Florida, have seen the largest increases in search interest since their lowest point this year. The search-interest values in these areas rose by 126.57% from their 2020 lows—bringing their search-interest values up to 90, 81, and 100, respectively.
Tucson reported a monthly increase from March to April of 114.29%. New Orleans saw a monthly increase of 72.4% from March to April.
Other markets that also saw large gains in the search of “homes for sale” were: Miami (81.8%); Seattle (81.8%); Grand Rapids, Michigan (79.5%); Memphis, Tennessee (75.4%); Milwaukee, Wisconsin (75.4%); New Orleans (72.4%); and Cincinnati (68.9%).
Indianapolis; Louisville, Kentucky; and Nashville, Tennessee, have seen the smallest growth in searches since the low point of 2020.
A search of “homes for sale” in these markets rose by only 17.6% from its lowest value, resulting in current search-interest values of 63, 65, and 78, respectively.
Additional markets showing minimal increases in search interest included Nashville (23.8%); Washington, D.C. (25.3%); and Buffalo, New York (25.5%).
This report coincides with the National Association of Homebuilders/Wells Fargo Housing Market Index, which found builder confidence for new, single-family homes rose seven points to 37.
Experts explain that this stabilization and present positive sentiment among builders could most likely be attributed to the fact that home construction was considered “essential,” which allowed workers in the residential construction industry to continue working and earning, even amid the worst of the recent lockdown crisis.
Yet another factor contributing to the optimism is the fact that builders appear to be showing great adaptability in their approach to the new business environment via utilizing innovative methods to not just weather the change but to thrive in the new normal.