As shelter-in-place orders were implemented earlier this year, many questioned what the shutdown would mean to the real estate market. Specifically, there was concern about home values. After years of rising home prices, would 2020 be the year this appreciation trend would come to a screeching halt? Even worse, would home values begin todepreciate? Original forecasts modeled this uncertainty, and they ranged anywhere from home values gaining 3% (Zelman & Associates) to home values depreciating by more than 6% (CoreLogic). However, as the year unfolded, it became clear that there would be little negative impact on the housing market. As Mark Fleming,Chief EconomistatFirst American, recentlyrevealed: “The only major industry to display immunity to the economic impacts of the coronavirus is the housing market.” Have prices continued to appreciate so far this year? Last week, theFederal Housing Finance Agency(FHFA) released its latestHome Price Index. The report showedhome prices actually rose 6.5%from the same time last year. FHFA also noted that price appreciation accelerated to record levels over the summer months: “Between May & July 2020, national prices increased by over 2%, which represents thelargest two-month price increaseobserved since the start of the index in 1991.” What are the experts forecasting for home prices going forward? Below is a graph of home price projections for the next year. Since the market has changed dramatically over the last few months, this graph shows forecasts that have been published since September 1st. Bottom Line The numbers show that home values have weathered the storm of the pandemic. Let’s connect if you want to know what your home is currently worth and how that may enable you to make a move this year. I would love to hear from you. Debbie Brassel, 602-309-9990  www.phxhomesforsale.com