COVID on the rise, Christmas approaching, and the housing market still going strong

By Kurt Real Estate Dec 9, 2020

The rise in COVID cases continues to put a strain on the economy as we head toward Christmas. New job growth for the month of November showed only 245,000 jobs, which was only about half of the expectation, indicating that the restrictions being implemented across the country in an effort to slow the spread of the virus are also affecting businesses. The financial markets are trying to balance the optimism of a COVID vaccination against the reality of rising cases and expected surge of even more cases coming off the Thanksgiving holiday.

Without the passing of any additional government stimulus, about 12 million people are going to have their unemployment benefits expire by Christmas, which will put further strain on the economy. If more people are staying home and not working, this can interrupt the supply chain and cause some short-term inflation.

The housing market has been a consistent bright spot in the economy, with annual appreciation coming in at nearly 7%. Demand is likely to remain strong as new home construction has not been able to keep pace with the number of first-time home buyers and low interest rates make homes affordable to more buyers.

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Image courtesy of: https://rismedia.com/2020/06/04/current-housing-market-low-rate-high-restrictions/