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Why are house prices climbing?

Summary:
Two obvious answers:  cheaper borrowing is increasing demand; or consumers want a better place to work-at-home.  The higher price increases in lower density (lower virus risk) areas suggest that it is the latter:Phoenix, Seattle and San Diego reported the highest year-over-year gains among the 19 cities (Detroit excluded from report due to virus-related reporting constraints). Chicago and New York reported the weakest YoY gains.

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Why are house prices climbing?Two obvious answers:  cheaper borrowing is increasing demand; or consumers want a better place to work-at-home.  The higher price increases in lower density (lower virus risk) areas suggest that it is the latter:

Phoenix, Seattle and San Diego reported the highest year-over-year gains among the 19 cities (Detroit excluded from report due to virus-related reporting constraints). Chicago and New York reported the weakest YoY gains.


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