Home Prices Up and Suburban Apartments

An ongoing feature in Tuesday Tactics is our “Great Read Roundup” in which we highlight some of the best pieces we’ve read recently and why they might expand your mind or help with your real estate career.

U.S. Home Prices up a Record-Setting 13 Percent Annually in August

(10-minute read)

According to a new report by Redfin, U.S. median home sale prices increased 13% from August 2019 to $319,178–the highest on record. This 13% year-over-year increase was the largest since October 2013.

“Home price growth this high is making the housing market especially difficult for first-time homebuyers right now,” said Redfin chief economist Daryl Fairweather. “Rising prices are just one more reason for people to leave expensive urban neighbourhoods behind. The sudden rise of remote work has allowed homebuyers who are priced out of one neighbourhood to expand their search to more affordable areas. In turn, they are pushing up home prices in those relatively affordable areas, causing more people to look to even more affordable areas, and so on. Price growth may slow in 2021, but even if it does, high prices are going to continue to make affordability a concern for buyers.”

Find Out Which Suburban Areas Have the Biggest Apartments

(5-minute read)

There’s no question that COVID-19 has changed the way people live in their homes. An increase in telecommuting has led to a heightened interest in home offices and exercise rooms, including the overall needs of the home, such as energy usage.

Americans have been in search of more living space since the COVID-19 pandemic began, and they’re willing to move in order to find it.

RENTCafe, a national apartment listing service, recently analyzed 900 suburban markets across the country to find the most spacious apartments in buildings with more than 50 units.

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