Prices of the most affordable third of homes in the U.S. climbed 5.5% year over year during the 12 weeks ending May 31, while prices of the most expensive third of homes increased just 2%.
The impact of the coronavirus shutdowns on homebuyer demand has so far been short and muted, even in some of the cities that have been the hardest-hit by unemployment during the recession.
While sellers have started to jump back into the market as states across the country reopen, there remains a shortage in houses for sale, which is fueling bidding wars.