Published On: Fri, Aug 13th, 2021

Single-Family Home Prices Soar by 23 Percent, Sharpest Rise on Record

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A shortage of housing stock combined with robust homebuyer demand and low mortgage rates sent U.S. home prices soaring by the highest annual rate on record in the second quarter, according to data from the National Association of Realtors (NAR). The median price of an existing single-family home surged by 22.9 percent in the second quarter of 2021 compared to the year-ago period, hitting an all-time high of $357,900, the NAR said in an Aug. 12 report. The nearly 23 percent rise represents an increase of $66,800 from a year ago. At the same time, 12 of the 183 metro area markets measured by NAR reported price gains of over 30 percent in the same period. Single-family home prices soared by 46.5 percent in Pittsfield, Massachusetts, 45.1 percent in Austin-Round Rock, Texas, and 41.9 percent in Naples-Immokalee-Marco Island, Florida. The report also showed that 94 percent of the 183 markets …

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