The housing market has recently seen the fastest home price growth since 2018 with record low mortgage rates, low housing supply, and unusually high buyer demand.
July saw a 5.5% increase in housing prices over July of last year with lower priced homes seeing a faster annual price growth than luxury homes.
Affordable and rural suburban areas are seeing a spike in demand from those looking for more space to accommodate work-and-school-from-home schedules.
“Economists at CoreLogic predict that homes will stay positive in 2021, but that the gains will weaken, as the initial surge of pandemic buying wanes. Certain markets particularly hard hit by the pandemic could suffer the most. Las Vegas and Miami are notable examples because their economies rely heavily on tourism and entertainment.”