【World Property Journal】96 Percent of U.S. Metros Enjoy Home Price Growth Despite Coronavirus Outbreak in Q2

According to the latest quarterly report by the National Association of Realtors (NAR), an overwhelming majority of the nation's metro areas witnessed home prices rise in the second quarter of 2020.

Median single-family home prices rose year-over-year in 96% of measured markets in the second quarter, with 174 of 181 metropolitan statistical areas showing sales price gains. That is identical to the percentage of metro areas in the first quarter that had price gains. The national median existing single-family home price in the second quarter of 2020 was $291,300. On a year-over-year basis, this is a 4.2% climb, however, it is still a slower pace of appreciation compared to the pre-pandemic rate of 7.7% in the first quarter.

"Home prices have held up well, largely due to the combination of very strong demand for housing and a limited supply of homes for sale," said Lawrence Yun, NAR chief economist. "Historically-low inventory continues to reinforce and even increase prices in some areas."

Fifteen metro areas experienced double-digit price growth, including Huntsville, Ala. (13.5%); Memphis, Tenn. (13.4%); Boise, Idaho (12.6%); Spokane-Spokane Valley, Wash. (11.8%), Indianapolis, Ind. (10.8%), and Phoenix, Ariz. (10.2%).
 

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