The Case-Shiller report showed a 4.2% increase in home prices annually in February.
Bill Banfield, Quicken Loans Executive Vice President of Capital Markets, offers the following insight on the report:
“Home prices continued to rise through the first two months of the year. Prior to the Coronavirus spreading throughout the United States, housing demand remained strong with interest rates becoming increasingly attractive. Looking forward, potential buyers and sellers have been sidelined until they can safely shop for a home. The big question now, is how quickly the home listings will awaken after the pause or will unemployment drag down purchase activity going forward. If buyers come back faster than sellers, it could cause prices to push even higher as buyers compete over the slim choices.”
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