Remote work drove more than 60% of home price surge during pandemic: Fed study - New York Post
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The shift toward remote work was overwhelmingly responsible for the major surge in home prices that occurred during the COVID-19 pandemic, according to research conducted for the Federal Reserve Bank of San Francisco.
The Fed researchers noted that US home prices jumped by 24% from November 2019 to November 2021 – a period in which as many as 60% of employees were working from home as COVID-19 spread.
More than 60% of the increase in home prices during that period was attributable to the remote work trend, the study concluded.
Remote work will be a key factor in determining home prices in the future, economists said.
Home prices surged to record highs during the pandemic-era housing boom, when workers were no longer tied to housing within commuting distance of their jobs.
Home prices have begun to recede in some markets.
Home prices have begun to recede in many markets, especially those considered “overheated” by pandemic-era demand.
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