Study of RPT, UBA and SPG
11/24/2020 – Urban home buying is back, so followed by REITs?
Home buyers pivot back to urban cities, rural areas still hot
Searches for homes in rural areas increased 235% year-over-year in October, a deceleration from a 273% peak in August.
A new report released Tuesday by real estate brokeredge Redfin found a 200% year-over-year increase in page views for homes in large metro areas, including cities and their surrounding suburbs, during the month of October.
Photo courtesy of Redfin
The new finding demonstrates renewed homebuyer interest in urban areas after searches stagnated in March and April when the coronavirus pandemic hit. However, remote work and homeschooling has also led to a surge in interest in less densely populated areas, with rural and suburban areas still outpacing demand for urban areas.
