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U.S. Home Prices Post 14.9% Jump in Pandemic Real Estate Rally

Bloomberg logoBloomberg 2/11/2021 Craig Giammona
a room filled with furniture and a flat screen tv: A living room is displayed inside of a newly renovated home in West Philadelphia, Pennsylvania. © Photographer: Charles Mostoller/Bloomberg A living room is displayed inside of a newly renovated home in West Philadelphia, Pennsylvania.

(Bloomberg) -- U.S. home prices, fueled by the lowest mortgage rates in history, surged in the fourth quarter.

The median price of a single-family home climbed 14.9% to $315,000 compared with a year earlier, according to the National Association of Realtors.

The Northeast led the way as buyers rushed to the suburbs. Fairfield County, Connecticut, home to Greenwich and other tony towns, rose 39% for the biggest increase in the U.S.

Read more: Housing Boom Sweeps U.S. Cities That Aren’t NYC, San Francisco


Video: Real estate developer Jeff Vinik on Tampa, the markets and the impact of Covid on the economy (CNBC)

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The pandemic property boom has been driven by low borrowing costs and flexible work policies that allow Americans to live where they want.

People are leaving expensive cities like New York and San Francisco relocating to more affordable areas. Even with high unemployment, prices are soaring across the U.S. because there’s an increasingly short supply of existing homes to choose from

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