Infographic on Home Price Change last 5 recessions.

2020 Newly released figures from the U.S. Census Bureau and HUD the Department of Housing and Urban Development Are showing us that the number of single-family homes that were started or completed in February rose from the month before. The same is true for homes Arizona.

Also, the number of building permits also increased. However, though the gains are welcome news for the 2020 housing market suffering from low for-sale inventory, experts are now concerned new residential construction is likely to slow in the coming months due to the impact of the coronavirus.

Economist Matthew Speakman says, while that may be true, demand will bounce back. “This presents a conundrum for builders who will undoubtedly be trying to determine the best time to apply for new permits and/or resume construction so that homes are ready to sell once the market comes back,”

Speakman also said. “The coming months will very likely be tough sledding for builders, but longer-term market dynamics might result in some better-than-expected readings on the other side of this crisis."