Global Economy performance still recovers from the COVID 19

Global Economy performance still recovers from the COVID-19 shock. The residential sector continues to be a challenge around the globe. The health crisis has dropped home sales, real estate activity is disrupted, while during the economic turndowns, house prices would decline, but surprisingly there has been a notable increase in the prices.

Trying the find out the reason behind this unexpected price development, there are said to be several reasons causing the unusual change in price rates during the turndown period. One aspect is the shift in family spending, during the pandemic families have shifted their spending’s from travel, leisure, and eating outside, towards housing. Moreover, there is housing production turndown and there are fewer houses offered for sale, causing an imbalance between the supply and demand.