In the early days of the COVID-19 pandemic, we were faced with a world of unknowns. Lockdowns across the country created lack of access to homes for showings, inspections, and appraisals. Unemployment numbers spiked precipitously, reaching nearly 15% in April. Economists predicted that home prices would decline 3-10% over the coming year.
Sure enough, the United States saw a slump in the spring homebuying season from April through June. Yet, as much of the country continued fighting COVID-19 throughout the summer, the housing market began an aggressive recovery. In the six months since the start of the pandemic, home prices have risen at an annualized rate of 6.9%, according to September 2020 data from the Radian Home Price Index.
The Radian Home Price Index, provided by Radian’s subsidiary Red Bell Real Estate, LLC, is the most comprehensive and timely measure of U.S. housing market prices and conditions. The index is