The booming real estate market is on a pace to shatter records this year. The real estate data firm CoreLogic reports that the total value of residential real estate transactions in 2021’s second quarter topped $600 billion for the third time in the past year. That puts the market on track for a record-breaking year, CoreLogic says.
“The value of transactions has skyrocketed despite sales volumes continuing a relatively normal growth trend,” says Thomas Malone, an economist at CoreLogic, on the company’s Insights blog.
In the first quarter of 2021, $750 billion was spent on 1.91 million transactions.
The increase in home prices is behind the upswing. Sales also have moved up the most in higher-priced areas.
CoreLogic researchers say the combination of appreciation and relocation to expensive areas has already led to more than $1.25 trillion in transactions in the first half of 2021. Given the ongoing growth, researchers pose the question: Could 2021 be the first year that transactions surpass $2 trillion?