Consumer Spending Likely to Spur Economy:  “The economy is at 99% of its pre-pandemic activity, and growth in Americans’ income and savings could propel housing in the second half of the year”, says Lawrence Yun, chief economist for the National Association of REALTORS®.  Personal income was up 10.7% year over year in the second quarter while personal savings soared an astonishing 302%.  Therefore, Yun predicted the economy would grow 4.5% over the rest of the year.

More than 8 of 10 Homes Sold at or Above List Price:  With a low supply of homes for sale, sellers are finding quicker sales and fetching higher offers. Eighty two percent of homeowners who sold in the last six months accepted offers at list price or above, according to a new survey of about 1,600 homeowners conducted by Homes.com.  What’s more, homes are selling fast too: A quarter of home sellers said they had five or fewer showings before finding a buyer. Twenty-six percent had between six and 10 showings before selling. Nearly 10% say they had no in-person showings at all and were still able to sell their home.

Homeowners See Nearly 20% Equity Jump in a Year:  Existing homeowners may be feeling richer since they’ve received a notable boost to their home equity over the last year. Homeowners with a mortgage have seen their equity climb nearly 20% year over year, according to a new report from CoreLogic, a real estate research firm.  In the first quarter of 2021, the average homeowner gained about $33,400 in equity over the past year, the study shows.  “Homeowner equity has more than doubled over the past decade and become a crucial buffer for many weathering the challenges of the pandemic,” says Frank Martell, president and CEO of CoreLogic.  Homeowners who are nearing the end of their pandemic-aid forbearance options but still struggling to keep up with house payments may find selling their home an option over foreclosing. 

Young Adults Underestimate Costs of Homeownership:  Young adults may be missing some key information to move forward in the housing market. For example, two out of three young adults recently surveyed say they are waiting for lower mortgage rates to start the homebuying process, according to a survey of 1,000 non-owner millennials.  With mortgage rates already near historic lows, this “may speak to a lack of education and awareness among this cohort of home buyers,” the survey notes.  Also, many young adults are underestimating how much they need for homeownership, the survey finds. Millennials underestimated how much home they can afford right now, how much interest they would pay over a 30-year mortgage, and how much home values appreciate, on average, over 10 years, the survey notes.

City Exodus May Be Nearing an End:  The big city is starting to look attractive again. More than a year into the pandemic, moves from dense urban cities, like New York, San Francisco, and Boston, have started to slow.