Ninety-nine percent of metro areas reported year-over-year home price increases in the first quarter of 2021, the National Association of Realtors reports. Of those metro areas, 89% recorded double-digit price increases.
Nationally, the median existing single family home sales rose at an annual pace of 16.2% to $319,200—the highest on record since NAR began tracking quarterly metro prices in 1989.
“Significant price increases throughout the country simply illustrate strong demand and record-low housing supply,” stated Lawrence Yun, NAR chief economist. “The record-high home prices are happening across nearly all markets, big and small, even in those metros that have long been considered off-the-radar in prior years for many home seekers.”
The Northeast reported a year-over-year price increase of 22.1% increase, followed by the West at 18.0%, the South at 15.0% and the Midwest at 14.4%.
The full NAR quarterly report can be found here.
