First Interstate: Housing market surges, consumer spending stagnates, on GMBH
RAPID CITY, S.D. (KEVN) - Family housing is strong right now due to low residential and secondary mortgage market interest rates. For those who are interested—it’s an excellent time to buy a home. Commercial real estate is also steady right now This, coupled with the jolt we’ve seen with business supported by PPP loans, is a very positive sign. According to the Black Hills Association of Realtors, residential real estate sales are up 8% from last year at the end of April and the average price is up 11%.
In response to social distancing recommendations, people are finding new ways to get outdoors and enjoy our fair state. Outdoor businesses, such as bike shops, recreational vehicles, boating, etc. are seeing a strong beginning to their peak seasons.
While restrictions and challenges brought upon by COVID have been frustrating at times, it’s also allowed the business economy to look at products, service, and convenience in a whole new way.
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