Nationally, home prices in July were 5.5% higher than in 2019. That is a marked increase from the 4.3% annual gain seen in June, according to CoreLogic.
Exceptionally strong demand, historically low supply and record low mortgage rates are combining to fuel the fastest home price growth since 2018. Falling mortgage rates helped bolster the pent-up demand from spring, when home sales ground to a halt due to the start of the coronavirus pandemic. The average rate on the popular 30-year fixed fell below 3% for the first time even in July, giving buyers additional purchasing power."Lower-priced homes are sought after and have had faster annual price growth than luxury homes," said Frank Nothaft, CoreLogic's chief economist.
Of course, all real estate is local, and especially so now as the pandemic is hitting some markets harder than others. Homebuying is gaining significant strength in more affordable suburban and rural areas as buyers seek more space for the new work-and-school-at-home economy. CoreLogic cites Nassau and Suffolk counties on Long Island, New York, where home prices jumped 4.3% annually in July, likely due in part to urban flight from New York City.
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Home values are definitely on the rise in Southern California. It's kind of weird to see, given the job market and state of our economy. But inventory is relatively scarce and people are trying to take advantage of these very low interest rates. Our economy is weird right now.
People moving to the suburbs.
Lol this is such horse shit. Corporations are buying up all the houses.
And just who is going to buy these houses?
🤔🤫
Inflation be like that sometimes.
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sethjlevy People are fleeing cities for the suburbs. Unfortunately, they’ll bring their voting trends with them.
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