Prices for US single-family homes increased 12% in Q-3, the biggest annual rise in 7 yrs, according to the National Association of Realtors (NAR).
Prices rose from a year earlier in all 181 metro areas measured by the NAR, and 117 regions had double-digit gains, compared with only 15 in Q-2, according to a report Thursday.
Mortgage rates near record lows have driving a surge in demand, pushing buyers to compete for a scarce supply of listings.
Many are moving to the suburbs, looking for extra space to live in comfort and not lockdowns.
“Favorable mortgage rates will continue to bring fresh buyers to the market,” said the chief economist for the Realtor’s group. “However, the affordability situation will not improve even with low interest rates because housing prices are increasing much too fast.”
The average rate for a 30-yr mortgage climbed to 2.84%, up from a record-low 2.78% last wk, Freddie Mac said Thursday.
The nationwide median price of a single-family home in the Quarter was $313,500, according to the Realtors group. The 12% Y-Y increase was the largest since Q=3 of Y 2013, when prices rose 12.4%
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