CoreLogic released their Home Price Index (HPI) showing that homes increased in price by 4.5% from March of 2019 to March of 2020. It also showed that prices increased by 1.3% from February to March of this year. The HPI has increased on a year over year basis every month since February 2012! The housing market was surely very strong pre-coronavirus, but even during this crisis, homes are still selling. Forecasts are showing that there might be a slight dip in home appreciation, but home values will hang in there. Some experts are even saying that they might end the year up. CoreLogic is forecasting a 0.5% year over year gain.
When speaking of home appreciation, it is also great to focus in what areas might be getting the most attention for new home buyers in this new COVID-19 environment. The Harris Poll showed that 39% of respondents who live in urban areas have considered moving to a less populated area. They are saying that homes in the suburbs or more rural areas might see additional demand from new buyers. Today, more than ever, the American worker has become more used to, and more accepting of remote work. This means that homes outside of densely populated areas might be more desirable or sought out by those who embrace the remote working experience.
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Source: CoreLogic
By: Jon Iacono