Pandemic Pricing

For the nine months ending 3/20, 14% of all homes purchased were priced at $500,000 or more. Between 4/20 and 6/20, that percentage jumped to 25%! Relatedly, since the start of Covid-19 home buyer median income is $110,800 compared to $94,400 for pre-pandemic purchasers. Not surprisingly, the percentage of first-time buyers was just 31% for the year ending 6/20, down from 33% during the prior 12 months. Affordability problems mount.