Home Prices Climb

NEW YORK (AP) – An analysis by The Associated Press and Core Logic found that the average home price in the U.S. in May was up 4.2% compared to a year ago. The data shows that prices for cheaper homes – those found in the lower third of prices in metropolitan areas and a typical target for first-time buyers – grew faster than the rest of the market. The coronavirus pandemic helped shape the housing market by influencing everything from the direction of mortgage rates, to the inventory of homes on the market to the types of homes in demand and the desired locations.