‘It’s likely housing will feel the broader economy’s downturn eventually,’ one economist says
Home prices have continued to increase throughout the coronavirus pandemic, despite the hurdles the outbreak caused for the real-estate industry.
The Federal Housing Finance Agency house price index rose 0.2% on a monthly basis in April, the housing regulator reported Wednesday. Compared with a year ago, home prices were up 5.5%.
Regionally, only two parts of the country experienced a drop in home prices between March and April. The South Atlantic region — which includes Delaware, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, District of Columbia and West Virginia — saw home prices fall 0.5% on a monthly basis. And home prices dropped 0.2% in New England, which includes Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont.
On an annual basis, home prices rose in every part of the country, led by the Mountain region, which includes Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah and Wyoming. There, home prices have increased 6.8% from last year.