As housing omens go, beware the trending Google search.
In the first week of April, U.S. search interest in the phrase “when is the housing market going to crash” jumped 2,450 percent compared to the previous month, and is now more popular than anytime since 2004, according to Google. The search terms “should I buy a house” and “sell my house” also reached record interest.
Market watchers are right to be wary. The median sale price of an existing home in the U.S. was $313,000 in February, up nearly 16 percent from a year earlier, when a 3 to 5 percent annual increase is considered healthy, according to a report from the National Association of Realtors, a trade group.
“I think it’s what’s on everybody’s mind,” said Jonathan J. Miller, a New York appraiser who analyzes markets nationwide. “How long is it going to last?”
The answer will depend largely on where you live and how the pandemic continues to reorder…