If you thought you could snap up a bargain on a home this year, you might have been wrong. Millions of Americans are out of work and the U.S. officially entered a recession, yet home prices haven’t been hit to the same degree as other sectors of the economy, Zillow reported in July.
The median sale price of U.S. homes was up 4.6% year-over-year in May (to $263,408) according to Zillow, and increased in 50 major metros.
But by June 2020, the typical metro area had 30% fewer active home sale listings than in the year before, according to Brookings. Low inventory can drive up prices; for example, some metros in Florida, which had only a modest decline in listings, saw prices drop or increase only slightly, suggesting those cities may be experiencing excess supply, according to Brookings.
Economic recovery in various metros across the nation is as diverse as those places themselves, as indicated by the Brookings Metro Recovery Index, which tracks recovery through the Covid-19 crisis. The index tracks impacts and trajectories in three major categories: the labor market, the real estate market, and other areas of economic activity. The tracker is updated at least monthly.