Key Highlights
- Boston, New York and Philadelphia leading the pack in post-lockdown sales, according to com
- Median listing prices increased +9% y/y in July
- Median home price jumped to all-time high of $349,000
- Inventory and interest rates persisted near historic lows
Realtor.com’s most recent report summarizing market happenings in July indicated that median listing prices and median home prices skyrocketed +9% y/y and to an all-time high of $349,000 in the midst of sustaining historic lows in inventory and interest rates.
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According to realtor.com’s Director of Economic Research Javier Vivas, “Housing tends to be immune from economic downturns and slowdowns. Right now we’re seeing markets recover faster where they’re able to contain the virus better…(and)…markets with strong technology sectors have been more resilient.”
More than half of the nation’s largest metros have exceeded pre-COVID market pace in terms of lockdown lows, annual gains in median home asking prices, new online listings, online home searches and days on the market.
Here are realtor.com’s best performing markets since the beginning of the COVID pandemic:
- Boston MA +122.52%
- Seattle WA +113,73%
- New York NY +112.74%
- Philadelphia PA +112.35%
- Denver CO +111.66%
- San Francisco CA +109.27%
- Los Angeles CA +108.78%
- Las Vegas NV +107.71%
- Rochester NY +106.61%
- Memphis TN +105.9%
You’ll note that each of these metro areas is performing +11% to +22% better across all of realtor.com’s market metrics that they did in January pre-COVID.
Thanks to realtor.com and InmanNews.
Also read: Homeownership Rate in US Rockets to Almost 12-Year High, 10 Best Cities to Move to NOW – Part II, Purchase Applications WAY Up – Interest Rates WAY Down
