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Buy A Home | Sell Your Home Angelica E. Mazariegos eXp Realty of California, Inc. Cell#: 562-210-9264 [email protected]... [email protected] https://[email protected]/ See more

HOME PRICES CONTINUE TO RISE IN Q2 ___ Published Date 8/17/2020 Unlike economic downturns of the past, this one has home prices continually rising. In its recen...t quarterly report, the National Association of Realtors (NAR) revealed that median single-family home prices rose year over year in 96% of its measured markets in the second quarter. That translates into the national median existing single-family home price in the second quarter of 2020 was $291,300 up 4.2% year over year. Fifteen metro areas saw double-digit price growth, according to the NAR, ranging from 10.2% to 13.5%. Huntsville, Alabama, 13.5% led the rise, followed by Memphis, Tennessee, Boise, Idaho, 12.6%; Spokane, Washington, Indianapolis, and Phoenix. Lawrence Yun, the NAR’s chief economist says. 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. Historically low inventory continues to reinforce and even increase prices in some areas. He went on to say that he doesn’t see home prices decreasing anytime soon, with low mortgage rates attracting new buyers during a time when inventory is at record lows (nearly 20% lower than total inventory at the end of Q2 2019). San Jose, California, remained the most expensive metro in the country in the second quarter, showing year-over-year price gains of 3.8% to a median of $1.38 million, with nearby San Francisco following at $1.05 million. This last quarter showed heavy buyer activity in less occupied areas when compared to highly populated cities such as San Francisco, New York, and Washington, D.C., related in part to the longer shutdowns in these cities, said Yun. In the midst of the pandemic, some buyers are looking for housing in less crowded and more affordable metros. Source: NAR | TBWS

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