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Pre-Lockdown Home Prices Increase by Double-Digits in Some Metros
Tuesday, May 12, 2020
Home prices really ramped up in the
first quarter of 2020 as inventory failed to make significant gains. The
National Association of Realtors® (NAR) said the median single-family home in
the quarter sold at $274,600, a 7.7 percent annual increase. Prices rose in 96 percent
of the 181 metropolitan areas tracked NAR. In the fourth quarter of 2019, 94
percent posted gains. Forty-six metros, mostly in the West
and South regions, saw prices increase by double-digits. This included Boise
City (18.1 percent), Eugene (14.5 percent), and Colorado Springs (14.4 percent),
among others. "The first quarter price jumps
mostly reflect conditions prior to the coronavirus outbreak and show the
strength of the housing demand prior to the pandemic," said Lawrence Yun,
NAR chief economist. "Even now, due to very limited listings, home prices are
showing no signs of buckling."
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