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Zillow's latest Market Report predicts that home sales will peak in the fall and then taper off in 2021 and stay above pre-pandemic levels.
Additionally, Zillow is predicting seasonally-adjusted home prices to increase by 1.2% from August to November and jump 4.8% between August 2020 and August 2021, according to the report.
"Zillow's predictions for seasonally adjusted home prices and pending sales are more optimistic than previous forecasts because sales and prices have stayed strong through the summer months amid increasingly short inventory and high demand," according to the report.
"The pandemic also pushed the buying season further back in the year, adding to recent sales. Future sources of uncertainty including lapsed fiscal relief, the long-term fate of policies supporting the rental and mortgage market, and virus-specific factors, were incorporated into this outlook."