Home prices across the nation continued to defy reason as they sharply headed up—even as the turmoil over a hotly contested presidential election, the coronavirus pandemic, and high unemployment persisted.
Unlike during the Great Recession, the median price for single-family homes zoomed up in the third quarter compared with the same period the previous year in every U.S. metro, according to a recent National Association of Realtors® report. Prices rose 12% year over year nationally as folks waged bidding wars over a historically low number of properties on the market. Many buyers sought out larger properties to work from home, educate their children, and maintain social distance from others.
“It’s unbelievable. It’s a record number of metro areas showing double-digit price gains,” says Gay Cororaton, senior economist with the NAR. “We have never seen this widespread price growth.”
The report looked at existing homes in 181 metropolitan areas,