The U.S. housing market heated up even more, with home prices and measures of competition charging ahead, unfazed by seasonality during the four-week period ending August 23.
San Francisco has seen a greater increase in price drops than any other U.S. metro, with the share of sellers slashing prices more than doubling from a year ago as the pandemic drives homebuyers out of the Bay Area.
We delved into July housing market data to analyze whether homebuyer interest in additional space has translated to a hotter housing market for bigger homes. The answer? Yes—but only slightly.
A surge in homebuilding before the pandemic is now driving growth in new-home sales. A shift to the suburbs and record-low mortgage rates are also contributing factors.