Expect the Unexpected
U.S. Home Prices Rose 9.5% in November Compared to Previous Year…It’s the largest year-over-year jump since 2014!
The Tuesday report, from CoreLogic S&P Case-Shiller, was just another data point backing up a broader trend: The housing market has been hot. And people are moving into new houses quicker than home builders can produce them.
Low mortgage rates as a result of the pandemic have been encouraging home buying, and real-estate agents say people are moving out of cities into stand-alone homes to get more space. That has pushed home prices higher for months. So now, some economists are worried that affordability issues could slow down the housing boom.
The Chawla Real Estate Team