Home prices typically decline this time of year after hitting a seasonal peak in late June or early July. This year, as of the four weeks ending August 9, home prices were up 3.5% month over month.
Just 6% of homes held open houses during their first week on the market in July, down from 16% a year earlier as fears around the coronavirus pandemic persist
There’s more demand—and less supply—for rural and suburban neighborhoods than cities as the pandemic influences homebuyer preferences. Still, prices are up 6.7% in urban areas.
Trying to buy a home today is starting to feel similar to searching for hand sanitizer or toilet paper in the early days of the coronavirus pandemic…