Home Prices Are Rising, Along With Post-Lockdown Demand
Mortgage rates may be appealingly low, but people shopping for a new home this spring face a challenging market.
Demand, which was pent up during coronavirus stay-at-home orders, and a dearth of homes for sale are keeping prices high and setting off bidding wars in some areas as states continue to reopen for business. Some buyers may also find it tougher to qualify for mortgages, as lenders require higher credit scores and bigger down payments in response to higher unemployment and economic uncertainty in the pandemic.
The situation is different from the economic downturn in 2008, when home prices fell sharply as a housing bubble popped.
“We’re still seeing a huge sellers’ market,” said Colsie Searcy, an agent in Colorado Springs.
Nationally, the median price for a home, excluding new construction, was about $287,000 in April, up more than …continued .
[Source: New York Times]