Home prices

Like much during the pandemic, the latest news on home prices inspires a definite sense of deja vu.

The housing market reaped the rewards of new construction increasing before the coronavirus took effect, netting a boost in July sales, according to Redfin.

Record low mortgage rates helped make last month the best July on record for home sellers in the Twin Cities with sales — and prices — up double-digits.

Fresno is one of the more affordable markets compared to the rest of the state, where the median home value is $258,502 with a rent of $1,395, while the average price across California is $578,267 with a median mortgage of $2,775.

Five months of remote work, bedroom-to-desk commutes and child-populated home offices have failed to ignite a great Bay Area exodus, but over in Lake Tahoe, July home sales more than doubled over last year.

As swelling demand constricts inventory to record-low levels, home price growth cuts into the purchasing power afforded by plunging interest rates, according to First American.

Home prices in San Diego County blew past previous records to hit an all-time high of $634,000 in July.

While those migrating from New York and New Jersey found housing they could afford, many Cape Cod residents saw the gap widen between what they could pay for a mortgage or rent given their diminished economic circumstances.

Meanwhile, July saw a record surge in existing-home sales, while mortgages in serious delinquency were on the rise

Sales of previously owned homes surged by the most on record in July as lower mortgage rates continued to power a residential real estate market that's proving a key source of strength for the economic recovery.