Home values have been on an upward swing for a few years now but the gains made in 2020 are dwarfing anything seen before. The total worth of U.S. homes climbed to a whopping $31.4 trillion in October, up from $29.4 trillion in February. The $2 trillion increase, as reported by Redfin, is higher than the $1.7 trillion gain seen during the same period last year. The rapid increase is particularly notable considering the economic woes the coronavirus pandemic has brought overall.
“The surge in home prices during the pandemic has been a financial boon for homeowners,” said Sheharyar Bokhari, senior economist for Redfin.
Between February and October 2020, home value growth in San Diego soared 7.1 percent to a total of $668.6 billion.
Today, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.5 percent.
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