Home prices surged in almost every corner of the U.S. in the second quarter as robust demand continued to overwhelm the supply of homes for sale.
The median sales price for single-family existing homes was higher in the quarter compared with a year ago for 182 of the 183 metro areas tracked by the National Association of Realtors, the association said Thursday. In 94% of those metro areas, median prices rose by more than 10% from a year earlier.
Nationwide, the median single-family existing-home sales price rose 22.9% in the second quarter to $357,900 from a year ago, a record in data going back to 1968, NAR said.
Home prices have climbed in the past year as low interest rates and increased remote work spurred new homebuying demand. At the same time, the inventory of homes on the market has dropped as potential sellers canceled or delayed their plans to move. The homes that do hit the market sell quickly, often after a bidding war.
Still, the homebuying frenzy has shown signs of a slowdown in recent months. High prices have attracted more sellers to the market and pushed some buyers to the sidelines.
