Housing Values Skyrocket in 2021

Southern California, Phoenix, and Las Vegas among Highest Risers

Home buys are in full swing, driving up prices as anxious buyers outnumber sellers. Surveys indicate homeowners could be hesitating due to the resurgence in COVID-19 cases and employers’ uncertainty about post-pandemic work arrangements.

Economists believe rising mortgage rates could be what slows or stops these great increases, but demand has proven persistent. In San Diego, home prices rose to $834,199 – up 23.6% year over year, far outpacing national growth. House inventory fell by nearly 30%, also ahead of the national pace.

 Phoenix – 31.8% to $427,451  Las Vegas – 26.8% to $395,943  Los Angeles – 17.9% to $868,350  Riverside – 26.2% to $534,393

In the U.S., the typical home value is $320,662, almost 20% higher than in December 2020. The annual growth rate represents an all-time high in at least 20 years. Nationally, buyers shopping in December had 19.5% fewer homes to choose from than they did a year before, when inventory was already at a record low. Some economists suspect