The US housing market is in a state of flux, with home prices rising and falling in different parts of the country. While some areas are seeing prices soar, others are experiencing a sharp drop in prices.
In a recent report from the National Association of Realtors, the US median home price rose 4.8% from a year earlier to $277,700 in the second quarter of 2020. However, the report also revealed that the median home price fell in 11 of the 166 markets surveyed.
The markets that saw the biggest drops in median home prices were in the Midwest and Northeast regions. In the Midwest, the median home price dropped 8.2% in Detroit, 6.2% in Chicago, and 5.2% in St. Louis. In the Northeast, the median home price dropped 7.6% in Philadelphia, 6.5% in Boston, and 4.7% in New York City.
On the other hand, some markets in the South and West saw the biggest gains in median home prices. In the South, the median home price rose 11.3% in Nashville, 8.9% in Atlanta, and 8.8% in Charlotte. In the West, the median home price rose 10.8% in Seattle, 10.3% in San Francisco, and 8.3% in Los Angeles.
The reasons for the different trends in home prices vary from market to market. In some areas, it is due to a shortage of housing, while in others it is due to the influx of new buyers. In addition, some markets are seeing an increase in demand due to the coronavirus pandemic, while others are seeing a decrease in demand due to the economic downturn.
Overall, the US housing market is in a state of flux, with home prices rising and falling in different parts of the country. While some areas are seeing prices soar, others are experiencing a sharp drop in prices. As the economy continues to recover, we will likely continue to see these trends in the housing market.