Home Prices Increase 12 Percent, Fastest Rate Since 2013

Originally published by Newsmax | November 12, 2020

Mortgage rates near record lows have fueled a surge in demand, pushing buyers to compete for a scarce supply of listings.

Prices for single-family homes across the U.S. increased 12% in the third quarter, the biggest annual jump in seven years, according to the National Association of Realtors.

The cost of housing is rising everywhere, adding to affordability concerns as millions of Americans lose income during the pandemic. Prices rose from a year earlier in all 181 metropolitan areas measured by the group, and 117 regions had double-digit gains, compared with only 15 in the second quarter, according to a recent report.

Mortgage rates near record lows have fueled a surge in demand, pushing buyers to compete for a scarce supply of listings. Many are rushing to the suburbs, looking for extra space to quarantine in comfort — searches that are likely to intensify now as Covid-19 infections soar to the highest levels in months. Unless borrowing costs fall much further, first-time buyers will increasingly get priced out of homeownership.

Continue Reading: Home Prices in the U.S Increase at Fastest Rate Since 2013

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