The price of housing in the United States skyrocketed in the month of June as homeowners scrambled to buy what shortage of homes they could. Now, nearly three months later, the housing market remains red-hot.
The S&P CoreLogic Case-Shiller 20-city home price index soared 19.1% in June compared with a year earlier, the largest increase on records dating back to 2000. The price margins in the mo0nth of June were higher in all recorded 20 cities than in the month of May. Prices remain high in 19 of the 20 cities, with the exception of Chicago.
“The last several months have been extraordinary not only in the level of price gains, but in the consistency of gains across the country,” said Craig Lazzara, managing director of index investment strategy at S&P DJI. Although the market remains largely high, there are some signs that we might start to see a cooling off period in the near future.
According to ABC News, “Sales of existing homes rose 1.5% in July from a year earlier, a separate report showed last week. That’s a much slower pace than the previous month.”
The reason for the surge in housing sales is largely due to the COVID-19 pandemic. Many people no longer need to travel into the city to do business, so living in the suburbs is a much more lucrative option for families. It’s no surprise that many of the restrictive lockdown measures have taken a lot of the draws of the city out of the picture. With less to do, the city just isn’t as much of a desirable living area anymore.
ARTICLE: ETHAN FINN
MANAGING EDITOR: CARSON CHOATE
PHOTO CREDITS: WIVB.COM
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