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National Association of Realtors – Sales Report Home Prices are Up

As people become more comfortable with home sales deals that can be done with social distancing protocols, we may begin to see more listings come on the market.

Home prices continue to soar to new heights.

S&P CoreLogic Case-Shiller U.S. National Home Price Index rose 12 percent year-over-year

The S&P CoreLogic Case-Shiller U.S. National Home Price Index rose 12 percent year-over-year in February. That’s up from 11.2 percent in January, when the monthly index grew at the best rate in 14 years and 12 months, just shy of 15 years.

The national index is up 29.4 percent from the July 2006 peak, he said.

The national trend played out in all 20 cities (minus Detroit) tracked by the indices, which posted an 11.9 percent year-over-year increase, up from 11.1 percent in the prior month. The 10-city index was up 11.7 percent year-over-year, compared to 10.9 percent the month before. 

Lazzara said the data is “consistent” with the hypothesis that the pandemic has encouraged potential buyers to move from urban apartments to suburban homes. He said it’s too early to say whether the pandemic changed buyers’ preferences in the long term or prompted buyers to move out of cities years ahead of schedule.

Though existing home sales tapered off in February and March, new home sales continue to surge and housing starts jumped 19 percent in March.

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