During the second quarter of 2021, as extreme demand continued to overwhelm the housing inventory, home prices soared nationwide. According to the National Association of Realtors (NAR), the median sales price for single-family existing homes was higher compared to the second quarter of 2020 in 182 out of the 183 metro areas surveyed. In 94% of those metro areas, prices rose by more than 10% from the year before.
Over the past year, low interest rates and increased remote work have sparked demand in housing across the country. As a result, housing inventory is a record lows, which is driving up home prices. In some areas, prices are increasing so swiftly that they are outweighing the benefits of low mortgage rates. However, experts predict that the market may begin to slow slightly as we move forward into the end of 2021 and beginning of 2022. NAR’s chief economist, Lawrence Yun, said that “the housing market looks to move from ‘super-hot’ to ‘warm,’ with markedly slower price gain.”
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