The American housing market has seen major fluctuations since the start of 2020. CoreLogic’s House Price Index recently revealed that while Western states saw an annual decline in sale prices, Midwestern and Northeastern states continued to experience growth.
In particular, the Midwest region reported a 10.6% year-over-year increase for its property sale prices in the first quarter of 2021, which is the largest reported growth for any region during the same period. The Northeast region also posted strong growth at 9.2%, significantly outpacing the 4.7% increase in the South and the 3.4% decrease in the West. Lower mortgage interest rates, increased demand, and limited housing stock are factors that have helped to drive up the home prices in the Midwest and Northeast regions, despite the economic downturn caused by the pandemic.
Important Elements of the Text:
– Western states have experienced an annual decline in sale prices
– Midwestern and Northeastern states have seen growth rates in sale prices
– Midwest posted strongest growth at 10.6%
– Northeast posted strong growth at 9.2%
– South property sale prices increased by 4.7%
– West property sale prices decreased by 3.4%
– Low mortgage interest rates, increased demand, and limited housing stock have contributed to the increased sale prices
You can read this full article at: https://www.housingwire.com/articles/datadigest-where-housing-prices-are-booming-and-faltering/(subscription required)
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