Condo Prices Climb 5.4% in August, Lagging 11.9% Growth for Single-Family Homes

SEATTLE, Oct. 2, 2020 /PRNewswire/ — (NASDAQ: RDFN) — Condo sale prices in the U.S. increased 5.4% year over year to a median of $266,000 in August, trailing growth in single-family home prices, which surged 11.9% to $343,000, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s the largest price-growth gap between the two property types since 2014.

About one in five condos (21.9%) sold for above the price at which it was listed, up slightly from 19.2% in August 2019. That compares with one of every three single-family homes (33.6%), up from 24.3% a year earlier and the highest share on record.

“Home prices have been growing across all property types, as record-low mortgage rates have suddenly equipped Americans with more buying power. But condos have experienced relatively modest price growth because the coronavirus pandemic has motivated many homebuyers

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The Housing Market Inventory Shrinks While Home Prices Climb

The housing market inventory shrinks while prices climb is the ongoing real estate story around the country. Realtor.com recently looked at the numbers on listings, sales prices, and Days on Market. According to realtor.com. “nearly 400,000 fewer homes have been listed compared to last year, leaving a gaping hole in the U.S. housing inventory. As a result, home prices are accelerating at double last year’s pace while homes sell 12 days faster than last year, on average.”

“In a normal year as you reach October that line of buyers has eased. These are not normal times and we are continuing to see that line of buyers increase while some sellers are reluctant to list their properties,” notes realtor.com’s Director of Economic Research Javier Vivas. “Selling your home and moving in a pandemic is impacting sellers from listing

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Home Values Climb Higher Due To Limited Inventory

The housing inventory shortage this summer drove home values up 0.7% in August from July 2020, the biggest month-over-month increased in nearly seven years, according to Zillow’s Real Estate Market Report for August.

Additionally, the report revealed that home value growth increased last month in 48 out of the 50 largest markets in the U.S. According to Zillow, home values are up 5.1% in August, year-over-year.

One thing the rise in home values shouldn’t do is affect the ability of first-time home buyers to make down payments. While the value increases may be significant, in actual dollars the impact isn’t that painful.

“American home shoppers faced a historic shortage of listings to choose from this summer, and that scarcity is now reflected in rapidly appreciating home values after a sluggish start to the home shopping season this spring,” said Zillow economist Jeff Tucker. “Builders are racing to catch up with

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COVID-19 outbreaks increase in Iowa nursing homes; deaths climb to 671 | Omaha State and Regional News



Iowa health officials investigating case surge in northwest

Iowa Gov. Kim Reynolds speaks to reporters after touring the Plymouth Place senior housing facility with Housing and Urban Development Secretary Ben Carson on Tuesday, Sept. 22, 2020, in Des Moines. 




The number of COVID-19 outbreaks and infections is continuing to climb in Iowa nursing homes, nearly doubling the levels set in July.

In late July, there were 502 infections tied to 20 active nursing home outbreaks in Iowa, the Iowa Capital Dispatch reported. Over the next month, the number of COVID-19 infections associated with active outbreaks increased 66% to 835. Since August, the cumulative total of COVID-19-related deaths in Iowa nursing homes has climbed from 508 to 671.

On Sept. 13, the White House coronavirus task force recommended that Iowa impose a statewide

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