Home prices saw double-digit price growth in 94% of 183 metro areas in the second quarter of 2021, the National Association of Realtors reported.
The median sales price of single family homes increased in 99% of measured metro areas compared with one year ago. The median sales price rose 22.9% to $357,900, a $66,800 increase compared with last year.
NAR cited continued low levels of housing inventory as a leading cause for the price increases, along with record-low mortgage rates. NAR Chief Economist Lawrence Yun expects the market will stabilize, however.
“Home price gains and the accompanying housing wealth accumulation have been spectacular over the past year, but are unlikely to be repeated in 2022,” Yun stated. “There are signs of more supply reaching the market and some tapering of demand. The housing market looks to move from ‘super-hot’ to ‘warm’ with markedly slower price gains.”
The full NAR report can be found here.
