In U.S., remote work explains over one half of the 23.8 percent national house price increase since late 2019.

An additional percentage point of remote work causes a 0.93 percent increase in house prices.

Ηouse price growth over the pandemic reflected a change in fundamentals rather than a speculative bubble. Fiscal and monetary stimulus were less important factors. This implies that policy makers need to pay close attention to the evolution of remote work as an important determinant of future house price growth and inflation.

You can find the full article here: Housing Demand and Remote Work | San Francisco Fed (frbsf.org)