Home sales across much of the United States are on fire. Prices have recently risen at rates that top even the wild market of 2005 and 2006, just before the balloon burst and helped trigger the Great Recession. Currently, the hottest real estate market in the U.S. is Manchester, New Hampshire.
Some of the recent demand in hot markets has been driven by people who have moved out of big cities because of the COVID-19 pandemic. Some people expect to work from home permanently and would like to live in cities and towns with lifestyle advantages. Mortgage rates remain near multi-decade lows, and the incomes of many middle-class and upper-class Americans were not dented by last year’s economic downturn.
Realtor.com looked at home sales across cities for the month of…