Luckily for home sellers, home prices have seen a surprising growth in July. According to the S&P Corelogic Case-Shiller National Home Price Index, home prices rose .8 percentage from June to July after staying flat in May. They rose to 4.8% in July.

While the spring season started out slow, it quickly ramped up as businesses opened back up after weeks of lockdown. Buyers were in a rush to lock down a historically low mortgage rate and seller’s to cash in on high home prices. This trend has well continued into the summer season, as prices continue to rise all over the country.

According to The National Association of Realtors, existing home sales have risen to a whopping 10.5% in August.

It’s also important to acknowledge the competitive market buyers have found themselves in. Low mortgage rates have brought a lot of new buyers into the market, and the limited inventory makes finding homes difficult. Hale predicts that this will cause prices to rise.

“With buyer demand showing no signs of a slowdown, as well as limited inventory, more price increases are inevitably on the horizon,” said Danielle Hale, chief economist at Realtor.com. News Corp, parent of The Wall Street Journal, operates Realtor.com.

Realtor.com points out that this rise in existing home sales is likely from families transitioning into single-family homes where they can work from home & prioritize remote learning for their children. Buyers are looking for very specific features during the pandemic, such as:

• Functional Outdoor Spaces: Buyers are looking for spaces they can relax and get out of the house in. Even minor landscaping is a huge plus for prospective buyers.
• Home Office/Classroom Space: Buyers are hyperaware of the need for a good work/study space. Having a separate room that can be used as an office is high on buyers lists of needs.
• Add a Home Gym: Buyers unable to hit the gym during lockdown are looking for a dedicated space to get their reps in.
• Spruce up the Laundry Room: With concerns about cleanliness and hygiene, buyers are spending a lot more time in their laundry rooms. Making it a comfortable and luxurious area can be very attractive to buyers nowadays.