The pandemic and all its associated fallout (high unemployment, a tanking economy, shuttered storefronts and a rollercoaster stock market, to name a few) hasn't been able to dampen the spirits of the residential home market, as 96% of metro areas are reporting an increase in home prices in Q2, according to a report by the National Association of Realtors.
According to the report, 174 of 181 metro areas surveyed saw price increases in Q2, with an average of 4.2% year-over-year. While an increase, the gain was below the 7.7% increase from Q1 of 2020.
"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," Lawrence Yun, NAR chief economist, said in a statement. "Historically-low inventory continues to reinforce and even increase prices in some areas."
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Patrick Smith
Patrick Smith, based in New York, covers the business of law, including the ways law firms compete for clients and talent, M&A and corporate work, leadership and marketing innovation. Reach him at [email protected] or on Twitter at @nycpatrickd
