Who in the world could have imagined that in spite of a raging pandemic we would witness the following:
· The S&P 500 closed the year at 3,756 a record high and an increase of 16.3%.
· NAR announced as of the end of November the median price of a single-family home increased 15.1% and the number of sales increased 25.6% over last November.
· Preliminary numbers for the Park City MLS indicate that for the last six months of 2020 compared to the last six months of 2019, the median price of a single-family home in Greater Park City (areas 1-28) rose 37.5% and the number of sales increased, astoundingly, over 120%!
The question is, what will 2021 bring?
As the above clearly suggests, predictions are perilous, however, several articles written by Wells Fargo economists shed a positive light. Click on the links below for the full picture.
Source: Rick J. Klein, Private Mortgage Banker, Wells Fargo Home Mortgage