Home prices are held down by COVID-19 in big cities while climbing sharply in less crowded areas

The housing market has been booming during the COVID-19 crisis, but America’s cities are taking it on the chin.

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And while big cities like New York and San Francisco, in particular, are struggling with falling prices, values in less densely populated cities such as Phoenix and Charlotte, North Carolina, are holding up fairly well, a new analysis shows.

The study underscores that the spread of the virus and the trend toward remote work are driving the housing market, and may continue to restrain price growth in very crowded urban areas while boosting gains in more suburban areas for some time.

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Since the virus began to take a significant toll on public health and the economy in March, many Americans have been fleeing cities for suburban and rural areas both to minimize the risk

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