Strong demand for housing, much of it pushed by the coronavirus pandemic itself, is driving prices higher faster, but forecasters say that may not last, CNBC reports. Nationally, home prices increased by 4.9 percent annually in June, a much greater gain than the 4.1 percent annual rise in May, according to CoreLogic. Prices climbed by 1 percent month to month, which is the fastest monthly gain for June since 2013. Prices got a boost from record low mortgage rates, which give buyers more purchasing power. Prices were up a strong 8.4 percent annually in Philadelphia, where the city is benefiting from an influx of New Yorkers.

Source: The Standard August 04, 2020 14:15 UTC