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Current trends in the real estate market show rising home prices, yet affordability remains strong.
According to NAR’s second quarter Metro Median Home Price Report, the median existing single-family home price increased in 87 percent of measured markets, the strongest year-over-year increase in seven-and-a-half years. The national median existing single-family home price was $203,500 in the second quarter, up 12.2 percent from $181,300 in the second quarter of last year.
NAR research points to tight inventory as a driving force behind rising prices. As a result the market is seeing more buyers than sellers, with multiple bids common in some areas. Despite that trend, a separate NAR breakout of income requirements to buy a median priced home on a metro area basis shows most buyers remain well positioned to afford a home in their area.
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- “On the rise!”
Talk to a Realtor® about prices in their area. Are they seeing a rise in home values? Are their buyers experiencing more market competition? Talk to sellers for their outlook on selling a home in the current market.