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For several months, it appeared as though the housing market would be seeing its darkest days. But even with growing unemployment and an entire pandemic, the housing market exceeded expectations and continues to see positive numbers. According to Realtor.com, median home prices jumped 6.2% year over year for the week ending June 27. But more and more homes face bidding wars, and home prices continue climbing up as housing listings went down 31% year over year for the week ending July 4. Why so many buyers now? Will prices dip back down? Read more to find out.
Median home prices shot up 6.2% year over year on realtor.com® in the week ending June 27, according to weekly realtor.com data. Homes are selling faster than they did in 2019, when no one had heard of COVID-19. And bidding wars are back as first-time and trade-up buyers who have lost out on other homes slug it out.
"The housing recovery has been nothing short of remarkable," says Ali Wolf, chief economist of Meyers Research, a national real estate consultancy. "The expectation was that housing would be crushed. It was—for about two months—and then it came roaring back.”
