Homebuyers who are emerging from their COVID-19 cocooning are likely to encounter bargain-rack mortgage rates for the forseeable future. But it’s less clear what they’ll find when they look at home prices.
Are prices going up or down? Recent reports have been mixed and largely don’t reflect the impact from the coronavirus pandemic.
What’s likely to happen to prices in the coming months? The forecasts are murky, too.
Here’s a look at what we know — and what we don’t know.
Several reports say home prices are going up
One closely followed national survey said last week that home prices across the U.S. were up 4.4% in March, compared to a year earlier. The S&P CoreLogic Case-Shiller study also tracks prices in 20 major cities and says Phoenix saw the biggest year-over-year gain — 8.2% — while Chicago had the smallest growth, at just 1.5%.