More data are emerging that shows the movement of people from cities to suburban homes during the COVID-19 pandemic.
Home prices jumped 10.4% year-over-year in December, which is an increase from the 9.5% posted in November, according to The S&P CoreLogic Case-Shiller US National Home Price NSA Index. The 10.4% gain marks the best performance of housing prices in a calendar year since 2013.
"These data are consistent with the view that COVID has encouraged potential buyers to move from urban apartments to suburban homes," Craig J. Lazzara, managing director and global head of Index Investment Strategy at S&P DJI. "This may indicate a secular shift in housing demand, or may simply represent an acceleration of moves that would have taken place over the next several years anyway."
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
