The Case-Shiller report showed a 4.3% increase in home prices annually in June.
Bill Banfield, Quicken Loans Executive Vice President of Capital Markets, offers the following insight on the report:
“Home prices continued to rise in June during a pandemic that has exacerbated ongoing inventory issues. Buyers are making up for the loss of the spring real estate season with a busy summer. The competition for available listings has kept prices climbing, despite the fact we are in the midst of a recession. This trend will continue until a combination of new listings and new construction balances the market.”
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