The median sales price for existing single family homes surged 16% year-over-year to $363,700, an increase of $50,300, the National Association of Realtors reported.
Out of 183 measured market areas, 99% had home price increases in the third quarter of 2021, and 78% recorded double-digit price gains.
However, the surging home prices slowed compared with the second quarter of 2021, which recorded an overall 22.9% increase in home prices.
“Home prices are continuing to move upward, but the rate at which they ascended slowed in the third quarter,” stated Lawrence Yun, NAR’s chief economist. “I expect more homes to hit the market as early as next year, and that additional inventory, combined with higher mortgage rates, should markedly reduce the speed of price increases.”
The full NAR report can be found here.
