This Is The Hottest City For Home Buyers

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The American real estate market is passing through an unprecedented period. In many metro markets, home prices have risen well into the double digits when compared with last year. The carefully followed S&P Case-Shiller home price index rose 16.6% in May compared to May of last year based on nationwide figures. That is the highest jump since the index was launched 21 years ago. In one city measured, Phoenix, prices rose over 20%.

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What has driven the rapid rise? Among other things, mortgage rates are near multi-decade lows. And, people are migrating from cities where real estate costs have been unusually high for years. In particular, these cities are on the coasts and include New York City, Los Angeles, and San Francisco. Many people have decided to move to cities with lower real estate prices and costs of living, and those perceived as also providing a better quality of life. Finally, the COVID-19 pandemic has allowed…

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