Pandemic heats up US housing market
Although the COVID-19 pandemic is damaging the U.S. economy, the country's real estate market is booming. People work telework. Children study at home. These are some of the many reasons Americans across the country are being forced to look for bigger homes. (25. November)
KRYSTA FAURIA: Shopping at home during the COVID-19 pandemic created some unique needs for potential buyers.
CHRIS SHREEVE: Well, I can't go to the gym anymore so you need to figure out how to do your workout at home. I don't know if I want my office to be in the laundry room 10 hours a day.
KRYSTA FAURIA: Lockdown orders, teleworking, and having kids studying at home are among the many reasons Americans across the country are looking for more space. In connection with the record low interest rates and a supply shortage, the pandemic demand is driving up property prices.
DARYL FAIRWEATHER: The real estate market is doing incredibly well, which is very strange considering that we are in this deep pandemic recession.
KRYSTA FAURIA: According to the National Association of Realtors, the median home price in the US is now $ 318,000, up 16% year over year. Property prices have soared in some locations, which home buyers Alicia Konkel and Chris Shreeve are seeing firsthand for the first time in the Seattle area, where the median home price is $ 618,000.
CHRIS SHREEVE: In some of the houses we wanted to see, our real estate agent told us that there are already 25 offers. And the house has been on the market for a day.
KRYSTA FAURIA: With the offices closed, workers from downtown Seattle are trying to shop in the suburbs, a migration that has been seen in other cities.
SEAN FORTUNE: You didn't think you were 30 miles away because that's going to be an hour in your job.
KRYSTA FAURIA: Despite a sizeable budget, Konkel and Shreeve are continuing their search.
CHRIS SHREEVE: But with property prices continuing to rise and the uncertainty of the pandemic and everything that surrounds it, I think we will take our time.
KRYSTA FAURIA: Krysta Fauria, The Associated Press.
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