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Pre-Lockdown Home Prices Surged and Delinquencies Were at Record Lows

Pre-Lockdown Home Prices Surged and Delinquencies Were at Record Lows

Home prices really ramped up in the first quarter of 2020 as inventory failed to make significant gains. The National Association of Realtors® (NAR) said the median single-family home in the quarter sold at $274,600, a 7.7 percent annual increase. Prices rose in 96 percent of the 181 metropolitan areas tracked NAR. In the fourth quarter of 2019, 94 percent posted gains. Forty-six metros, mostly in the West and South regions, saw prices increase by double-digits. This included Boise City (18.1 percent), Eugene (14.5 percent), and Colorado Springs (14.4 percent), among others. "The first quarter price jumps mostly reflect conditions prior to the coronavirus outbreak and show the strength of the housing demand prior to the pandemic," said Lawrence Yun, NAR chief economist. "Even now, due to
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