While home prices generally see a decline when there is an economic downturn, 2020 was an exception. Home prices appreciated at the fastest rate in 2020 since 2014. Year over year in October, home prices for all housing types increased 15.5 percent, according to a report by the National Association of Realtors.
While all states experienced price increases, states leading the charge were Maine, Idaho, and Arizona. The metro areas of Phoenix, San Diego, Washington DC, Los Angeles, and Denver were among the cities with some of the highest increases. (READ MORE)