Shift in consumer spending

Last week I watched some of the National Association of Realtors mid-year meetings. One of the presentations I watched was that of  Lawrence Yun, NARS chief economist.

Here is a breakdown in some of the changes in consumer spending during the pandemic.

March spending
Consumer spending

The increased spending on gardening and building materials stands out. I have purchased both in the last few months. I haven’t made many purchases but needed a few things for my business and office that I bought online.

I have spent a lot of time working in the yard this spring. Gardening seems more important than ever and so does the yard. I still have two projects inside the house I hope to complete this spring and both involve paint.

Watching trends is important right now because it is hard to predict what the rest of the year will look like. According to Yun, home sales will be down by an average of 10 to 15% nationwide for 2020. He is also predicting that interest rates will remain low and may even go below the 3% mark and that we will see more home sales in 2021.

Either way, I’ll be here and ready to help because selling real estate is what I do.

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