What Pandemic? Home Prices Continue Gains in Q2!

Home prices continued to rise during the second quarter of the year, although at a slower pace than before the advent of the pandemic. The National Association of Realtors® (NAR) said its quarterly survey of metropolitan areas found that single-family home prices rose on an annual basis in 96 percent or 174 of the 181 markets it covers.

Prices increased in 96 percent of the markets in the first quarter of the year as well. However, in those pre-coronavirus days the gain was 7.7 percent year-over-year. In the second quarter, prices were up 4.2 percent to a national median of $291,300.

"Home prices have held up well, largely due to the combination of very strong demand for housing and a limited supply of homes for sale," said Lawrence Yun, NAR chief economist. "Historically-low inventory continues to reinforce and even increase prices in some areas." BY: JANN SWANSON August 12, 2020