This week The 3-1-1 is all about real estate.

In one of the more surprising twists of the Covid-19 pandemic, the residential real estate market has done exceedingly well. This weeks articles, chart, and quote provide further insight and information.

3 Articles

Bay Area Home Prices Soar on Suburban Land Rush
Louis Hansen, San Jose Mercury News

Tight inventory and high demand for traditional suburban neighborhoods drove up median prices for an existing home in Contra Costa County 25% to $737,000, and up nearly 13% to $1.6 million in San Mateo.

The Housing Market Is Crazier Than It’s Been Since 2006
Nicole Friedman, The Wall Street Journal

The past year has been the hottest for sales activity in 14 years. Home values are rising in practically every corner of the U.S., and median sale prices in dozens of metro areas have posted double-digit percentage increases from a year ago.

But…What If Housing Prices Aren’t As High As They Appear?
Ben Carlson, A Wealth of Common Sense

This article looks at the median home price across this country, and shows how, after adjusting for inflation and interest rates, monthly mortgage payments are now 30% lower than they were in 1989.

1 Chart

Nationwide home prices were up 11% over the past 1 year.

See how specific ares have done in the table below:

    1 Quote

    “[Housing] Prices are up virtually everywhere…It is surprising to see home prices rebound this quickly, by this magnitude, this early into an economic recovery.”

    – Mark Vitner, senior economist at Wells Fargo & Co. 

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