Home values surged over the summer

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Photo (c) Wipada Wipawin – Getty Images

Homeowners saw their net worth rise over the summer as home values increased at a pace not seen since the market recovered from the Great Recession.

Zillow, an online real estate marketplace, reports that the typical home value increased in September to $259,906. The 0.8 percent increase over August was the largest since November 2005, at the peak of the housing bubble.

For the third quarter, the typical home value increased by 2.2 percent, the biggest jump since 2013. On a year-over-year basis, values were up 5.8 percent, the largest increase in two years, according to Zillow researchers.

Because of that rapid rise, Zillow reports that listing prices and sales prices both registered double-digit year-over-year growth last month, suggesting buyers could face both higher prices and fewer choices going into the end of 2020.

“Home values are accelerating more quickly than any time

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Amid coronavirus pandemic, Palm Beach saw busy summer for real estate


With two sales hitting $70 million each, Palm Beach house-hunters blew through the inventory, leaving a tight housing market as new season begins.

Darrell Hofheinz
 
| Palm Beach Daily News

Who would have guessed that a global pandemic would drive the Palm Beach real estate market into a single-family sales frenzy that hit its peak during the summer off-season?

But that’s exactly what happened in the months following the first coronavirus-related emergency order issued by town officials in mid-March. The demand for housing that began late in the spring was initially driven by residents who lived in what was then one of the country’s primary hot spots — the Northeast in general and New York City in particular. Many were desperate to get out of cities and eyed Palm Beach for houses with privacy, backyards, open-air loggias and space to breath, real estate agents and brokers agree.

But as the

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