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YoY median home prices were up 13% nationally in August. That's largely driven by the diaspora we're seeing with WFH/COVID, with people pushing into more afford
by hkmurakami 6y ago
YoY median home prices were up 13% nationally in August. That's largely driven by the diaspora we're seeing with WFH/COVID, with people pushing into more affordable communities and driving up prices. Until now we were all competing in major metros pushing up only the top end of the curve but now there's a push towards the median priced areas.
- epistasis 6y agoFewer people are moving during this time period than a year ago: https://www.bloomberg.com/amp/news/articles/2020-09-16/the-truth-about-american-migration-during-covid?__twitter_impression=true https://www.bloomberg.com/amp/news/articles/2020-09-16/the-t... The media talk of diaspora, which is based on narrative and anecdote, needs to be measured and quantified before we can treat it as something that drives housing prices.
- treis 6y ago>YoY median home prices were up 13% nationally in August. That's a misleading statistic. It simply means that the houses getting sold has shifted towards the higher end of the market. If you look at the price for the same house it's gone up somewhere around 3% YoY.
- FireBeyond 6y agoSo new construction only? And sorry, but in markets like mine, over the last year the average house has spent about 72 hours on the market and "the same house" has been sold multiple times in the last decade each time for approximately a 20% increase.
- treis 6y agoI think the low end of the market isn't selling due to economic insecurity. Also being pushed up by well off city folk moving to the burbs due to Covid.