As the economy shut down in the early weeks of the pandemic, homebuilders girded for the worst. And sales did collapse—briefly. But by late spring 2020, rental and sales activity rebounded, especially in desirable suburbs and lower-cost, amenity-rich cities like Boise, Idaho.
Since then, prices have spiraled upward—rising more than 13.2 percent last March alone—four times the robust figures for 2019, according to The State of the Nation’s Housing 2021, the much-watched annual report from the Harvard Joint Center for Housing Studies. Prices are up not just in the most expensive markets but by double digits in 85 of the 100 largest metro areas. Rents for moderately priced apartments are going up almost everywhere, even in the face of the mass-eviction crisis that may develop as moratoria expire.
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