Residential home sales are hitting peaks last seen in 2006, but this time mortgages are more strict, down payments are higher, and a tight supply is supporting prices.
Most real-estate analysts agree that the pandemic helped ignite the current boom as some urbanites looked to leave crowded cities like New York and San Francisco for more inexpensive cities or for more space in the suburbs while working from home.
Market watchers also say that a number of longer-term trends are at play that should keep the housing market hot, or at least steady, even after Covid-19-related demand fades. Median sale prices increased an average of $55K (+81%) from April ’19 in the Greater Philadelphia region. As inventory challenges continue, now more than ever, homes are selling for top dollar!