Homebuyers shift searches from cities to rural areas and suburbs.
According to Redfin, the median sale price for homes in rural areas nationwide increased 11.3% year over year in the four weeks ending August 2; it rose 9.2% in suburban areas.
Urban areas saw a smaller 6.7% home-price increase. Homes in rural areas have had higher price growth than suburban and urban areas since April.
The pandemic has caused 13% of homebuyers to search for homes in a different area than originally planned, according to a survey of more than 1,000 people who plan to buy a home within the next 12 months conducted by Redfin from July 19-21.
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