Even as the economy heaves under the weight of the pandemic, home prices are growing at rates unseen in years.
According to the latest numbers released by data analytics provider CoreLogic, home prices across the United States grew by 7.3 percent in October — a significant jump compared to 3.5 percent growth seen in October of last year and 4.9 percent in June of this year. Given that this type of growth has not been seen in the country since April 2014, the coronavirus outbreak does not seem to have stalled home value increases as was once feared at the start of the pandemic.
The reasons, according to CoreLogic, have to do primarily with historically low mortgage rates and a lack of inventory on the market. While the pandemic pushes sellers to hold off on placing properties on the market, buyers are just as eager to get into the market