Yeah, part of this may be that one- and two-bedroom apartments are undesirable during a pandemic.
I know it's a sentiment I've expressed to friends and family: I bought a house last year and I've repeatedly thought "boy I'm sure glad I'm trapped in a single-family home with a nice backyard for a year, rather than in my old apartment for a year". I would have been climbing the walls there.
Of course there are more factors in single-family home prices as well: interest rates are directly tied to how much money people can afford to borrow, so the rate reductions this summer drive a surge in housing prices, and generally the fed injected a ton of money into the financial system that is sloshing around looking for safe places to park, and housing is a very safe place to do that. There are a lot of properties being bought up by investment firms to rent out.
I know it's a sentiment I've expressed to friends and family: I bought a house last year and I've repeatedly thought "boy I'm sure glad I'm trapped in a single-family home with a nice backyard for a year, rather than in my old apartment for a year". I would have been climbing the walls there.
Of course there are more factors in single-family home prices as well: interest rates are directly tied to how much money people can afford to borrow, so the rate reductions this summer drive a surge in housing prices, and generally the fed injected a ton of money into the financial system that is sloshing around looking for safe places to park, and housing is a very safe place to do that. There are a lot of properties being bought up by investment firms to rent out.