According to Mark Fleming, chief economist for First American Financial Corporation and head of First American's Decision Sciences team, U.S. housing is in a significant V-shaped recovery pattern, where home prices have recovered from and exceeded pre-pandemic levels. Sales statistics continue to suggest a robust, healthy housing market that is weathering the storm of the pandemic. Fleming cites several contributing factors for the rebound including uninterrupted millennial demand, low interest rates that increase purchasing power, and historically low inventory, which increases competition and home prices. The pattern holds in Colorado, where homes across the state saw an average equity gain of almost $10,000 in Q2 2020.
