US Home Prices Surge to Largest Gains in a Decade

US housing markets experience their largest gain in over a decade as values of homes in major cities, small suburbs, and vacation locales.

The National Association of Realtors (NAR) marked the second consecutive rise for homes in more than 180 metropolitan areas. This is the first time the NAR has marked a back-to-back increase in home value over two consecutive quarters.

Fairfield County, Connecticut saw the highest rise in home value of the Northeast, moving up a whopping 39% over 2020. The value of Northeast homes as a whole moved an average of 21%.

Demand has surged for homes across the US, following a steep drop in interest rates. Workers have been moving further and further away from the office with new remote work policies sweeping the nation.

Economists and Realtors caution that these numbers are unlikely to last, as working families will struggle to raise the income to purchase these homes due to COVID restrictions.

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