Home Prices Have Risen At The Fastest Pace In 6 Years

One of the best ways for me to keep a pulse on the real estate market is to research, that's an obvious assumption you may think. However, when I come across articles like the one I will highlight I reaffirm the feeling that real estate and home sales is more of a living, breathing thing. After all, we are living our lives in a completely different way and our homes should reflect the life giving essence they provide. As I have said in the past, our home is not just a house, it's our life hub. Gone are the days of location, location, location being the the top priority. Now our home must be mission control for how we live life.

• The number of available homes for sale marked an all time low in October.
• High buyer demand and an extremely low supply pushed home prices up 7.9% in October, compared with 12 months ago.
• Covid-19 has forced millions to work from home and decreases access to gyms, restaurants, movies and schooling.

The coronavirus outbreak has forced millions of Americans to work from home and it’s curtailed other activities like eating out, going to movies or visiting gyms. That’s leading more people to seek out homes with more room for a home office, a bigger kitchen, or space to work out.

“The data from the last several months are consistent with the view that COVID has encouraged potential buyers to move from urban apartments to suburban homes,” said Craig Lazzara, Managing Director at S&P Dow Jones Indices.

All 19 cities reported larger year-over-year price gains in October than in September, Lazzara said. Detroit wasn’t able to fully report its home sales data because of delays related to a coronavirus lockdown.

The biggest price gain was in Phoenix for the 17th straight month, where home prices rose 12.7% from a year ago. It was followed by Seattle with 11.7% and San Diego at 11.6%.

Original article here