Taryn Schaldach | Sine & Monaghan, Realtors Real Living Blog

Thursday, March 18, 2021   /   by Taryn Schaldach

Are We Repeating the Housing Bubble of 2008?

This pandemic housing boom is the strongest we have seen in more than a decade. The median sales price for existing homes in more than 180 metro areas was tracked by the National Association of Realtors, where they say numbers rose in the fourth quarter compared to the year prior. That is the second consecutive quarter that every metro area tracked by NAR posted an annual increase. It is the first time this has happened in back-to-back quarters.

What Does This Mean For Buyers?
Demand for homes has surged over this past year, as buyers took advantage of the record-low interest rates. The pandemic prompted many households to seek bigger houses that could better accommodate remote work. Home sales in 2020 rose 5.6% to the highest pace since 2006, according to the NAR.

Last time we last saw a housing boom similar to this, was back in 2006. Then, buyers were trading up to bigger, more expensive homes after just a year. Many home buyers were paying very small down payments, if a. ...

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