Home prices are held down by COVID-19 in big cities while climbing sharply in less crowded areas

The housing market has been booming during the COVID-19 crisis, but America’s cities are taking it on the chin.

Loading...

Load Error

And while big cities like New York and San Francisco, in particular, are struggling with falling prices, values in less densely populated cities such as Phoenix and Charlotte, North Carolina, are holding up fairly well, a new analysis shows.

The study underscores that the spread of the virus and the trend toward remote work are driving the housing market, and may continue to restrain price growth in very crowded urban areas while boosting gains in more suburban areas for some time.

Start the day smarter. Get all the news you need in your inbox each morning.

Since the virus began to take a significant toll on public health and the economy in March, many Americans have been fleeing cities for suburban and rural areas both to minimize the risk

Read More Read more

Home Prices Keep Climbing As National Median Now Up 14% from Last Year

SEATTLE, Sept. 25, 2020 /PRNewswire/ — (NASDAQ: RDFN) — The median home sale price increased 14% from 2019 to $319,978—the highest on record—according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. The 14% year-over-year increase was the largest since August 2013.

Below are other key housing market takeaways for 434 U.S. metro areas during the 4-week period ending September 20.

  • Since the four-week period ending July 5, home prices have increased 6.6%. Over that same period in 2018 and 2019, prices declined an average of 3.7%.
  • Pending home sales climbed 29% year over year.
  • New listings of homes for sale were up 6% from a year ago.
  • Active listings (the number of homes listed for sale at any point during the period) fell 28% from 2019 to a new all-time low. The rate of year-over-year supply declines has remained
Read More Read more