As businesses nationwide summon employees back to the office, many former remote workers are returning to the cities they once left or moving to commutable places.
It has increased competition among buyers in cities with a limited number of homes for sale, particularly in San Jose, which leads the nation with homes selling 6.2% above asking prices.
Realtor.com analyzed sale and listing price data from 75 of the largest US metropolitan areas to determine where homes sell for the most above their asking prices.
The announcement by the Federal Reserve of an interest rate cut is expected to lower mortgage rates, enhancing purchasing power for many Americans.
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