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CARROLL GARDENS-COBBLE HILL, NY — Higher home prices are here to stay, at least for the next couple of years, experts say.
The coronavirus pandemic helped push home prices higher, but it isn't the only factor responsible for the market shift. The number of homes listed for sale is at a historic low, meaning that supply is tight. Meanwhile, demand has increased because of historically low mortgage interest rates and because a large contingent of millennials is looking to buy their first homes.
Home prices in the New York-Jersey City-White Plains NY-NJ Metropolitan Division, which includes Brooklyn, were up 11.3 percent for January 2021 compared with January 2020, according to the CoreLogic Case-Shiller Index, an oft-quoted measure of price movements over time.