Redfin Chief Economist
This is the second installment of our economist Q&A series of the top housing market forecasts for 2021 that focus on everything from home sales to mortgage rates. To help provide as much guidance as possible on what to expect in 2021, HousingWire interviewed a top economist every Tuesday in December in the HW+ Slack channel.
In this installment, HousingWire interviewed Daryl Fairweather, chief economist at Redfin, on her 2021 forecast article on home sales. This article has been lightly edited for length and clarity.
HW: To kick us off, you said home sales will reach their highest level since 2008, why is that? And more specifically, why do you think we will see more sales next year than we saw in 2020?
Daryl Fairweather: Life has changed drastically for all Americans this year, and for many that means they’re going to move into homes that fit their new lifestyles. We already saw a lot of that movement this year, but I do think that there are a number of sellers who were nervous to list during the pandemic, and will be ready to sell in the coming months. That new inventory combined with increasing demand from buyers is going to result in a lot of home sales!
HW: During our last Q&A with Haus’ Ralph McLaughlin, he said we might start seeing a swing toward a buyer’s market next year, but you’re calling seller’s market. Why is that?
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