How a Yearlong Pandemic Has Affected the U.S. Housing Market

Redfin, the technology-powered real estate brokerage, has released a new report that looks at the impact the pandemic has had on the U.S. housing market.

According to the report, U.S. homeowners have gained #.1 trillion in home value during the pandemic. Furthermore, the report notes that the median home sale price went up 14.3% from a year earlier, reaching $330,500 in January.

“Surging prices are helping local homeowners build equity, but also creating barriers to entry for many first-time buyers here in Albuquerque,” said Redfin New Mexico real estate agent Austin Wolff in a press release. “With so many affluent folks moving in from out of state, families who’ve been here for generations could get priced out. But beginner buyers shouldn’t give up. I’ve had clients win homes by using creative strategies that don’t require a huge down payment or the highest bid.”

Read More: https://www.prnewswire.com/news-releases/the-coronavirus-by-the-numbers-how-a-yearlong-pandemic-has-impacted-the-us-housing-market-301237261.html