According to the National Association of Realtors Metropolitan Median Area Prices and Affordability and Housing Affordability Index for Q2, 2021, the median sales price of single-family existing homes rose 22.9% to $357,900, an increase of $66,800 from one year ago. The median sales price rose in 99% of measured metro areas in Q2 of 2021 compared to one year ago – with double-digit price gains in 94% of their markets. However, the NAR says these price gains won’t be repeated in 2022.
“Home price gains and the accompanying housing wealth accumulation have been spectacular over the past year, but are unlikely to be repeated in 2022…There are signs of more supply reaching the market and some tapering of demand…The housing market looks to move from ‘super-hot’ to ‘warm’ with markedly slower price gains.” Said Lawrence Yun, the NAR’s chief economist.
Click here to read the full report at the National Association of Realtors.