COVID-19 accelerates home-buying migration trends

In today’s Daily Download episode, HW+ Managing Editor Brena Nath discusses whether or not the COVID-19 pandemic will spur home-buying migration from dense U.S. cities.

When state governments ordered residents to stay at home more than a month ago, it triggered a wave of temporary migration. While some in the Northeast flocked to Florida, others, wary of germs easily spreading in high-rise building elevators and through dense city life, rented homes in the suburbs. Still others, particularly young single adults, packed bags and moved back in with their parents.

As states plan to reopen their economies, what changes COVID-19 will have on the housing market remain to be seen. Demographers and Realtors alike predict this is a tipping point for people who’ve already been dreaming of backyards, private pools, and more space. It will accelerate trends that were already happening, they said, and bring a new level of consideration – whether people upgrade their apartments and condos for larger units or move out of dense cities altogether.

Following the main story, HousingWire Digital Producer Alcynna Lloyd covers the Commerce Department’s report that indicates coronavirus has ended America’s longest economic expansion, the Mortgage Bankers Association’s weekly mortgage applications survey that reveals the nation’s home purchase applications are on the rise and the National Association of Realtors’ pending home sales report, which highlights U.S. pending home sales declined 20.8% in March.

The Daily Download examines the most captivating articles reported from the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

HousingWire articles covered in this episode:

• Will COVID-19 spur a migration from dense cities?
• COVID-19 kills America’s longest economic expansion
• Home purchase applications rise as coronavirus slowdown begins to thaw
• Pending home sales tumble on COVID-19 shock