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Should You Buy a House Right Now?
2020 was a record-breaking year for the housing market as people decided to step away from their urban apartments in the city and move to suburban neighborhoods.
Last summer housing prices were driven by stay-at-home orders, record low supply, and record low mortgage rates.
The opportunity to work from home allowed people to reconsider their living space and seek a home that offered the space.
Many had predicted that the price gains would eventually slow down but it did the complete opposite.
Standard & Poor’s said Tuesday that its S&P CoreLogic Case-Shiller national home price index posted a 10.4% annual gain in December, up from 9.5% in November — the fastest growth rate since 2013.
Meaning that the housing price continued to accelerate for the final month of 2020 since 2013.
These numbers present how eager people still are to pay higher prices to move and find a space.
“Home prices finished 2020 with double-digit gains. The trend of accelerating prices that began in June 2020 has now reached its seventh month,” said Craig J. Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices.
The decline in mortgage rates for the month of December help many expand the…