Despite recent events affecting the real estate industry and the world as a whole, the prices of homes have continued to rise across the country. According to the Federal Housing Finance Agency, the home price index is up 5.5% from this time last year. On an annual basis prices have risen across all regions of the country. The pricing of the housing market regionally in the last month has been a slightly different story. When you examine the housing market region by region, two parts of the country experienced a slight dip in home prices from March to April of this year. The South Atlantic region, which includes Florida, experienced a 0.5% decrease from March to April. This slight drop is much different than the increases in price seen month to month across the rest of the country. The FHFA predicts a return to normal levels of demand in the housing market as the year ends, assuming that the original spring bump in sales is just being pushed back later in the year due to COVID. In a report from Zillow it was predicted that a downturn in home prices may come in the second half of the year, but only time will tell.
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