Dear Readers,
It may be bad news that our country is as politically divided as ever.
However, where those groups of different political views congregate
has had little impact on rising home prices.
According to Redfin, for the week ending Sept. 6, the median home
price in blue counties nationwide rose 13.1 percent from a year earlier
to $346,000. The median home price jumped 11.5 percent to $259,500
in swing counties and increased 10.6 percent to $209,000 in red
counties.
“Homeowners in counties of all colors — blue, red and purple —
are benefiting from a strong housing market even during this deep
recession,” Redfin Chief Economist Daryl Fairweather said. “Home
values are up, which is great financial news if you’re a homeowner,
regardless of your politics.”
Not everyone is benefitting from the booming market, as the tight
housing supply has made it difficult for first-time homebuyers. Many
of them have been priced out of urban blue counties and are searching
in suburban swing counties and more rural areas.
“This trend is being exacerbated by the pandemic-driven work-from home culture, which is causing many homebuyers to place more
emphasis on indoor and outdoor space and less on commute times,”
Fairweather said.
Interestingly, Redfin said new listings were up most in blue counties
(12.4 percent year-over-year); followed by swing counties (7.1
percent); and red counties (3.8 percent).
We may need a political analyst to decipher those late statistics.
Share your thoughts,
Mark Lowery
Editorial Director
The Title Report