Q2 home prices escalate in nearly every major metro area.

Nearly every major metro area across the country saw home prices continue to escalate in the second quarter. Median single-family home prices increased year over year in 96% of measured markets—or 174 out of 181—during the quarter, according to the latest report from the National Association of Realtors®. That percentage matches the metro areas in the first quarter that saw price gains.

“Home prices have held up well, largely due to the combination of very strong demand for housing and a limited supply of homes for sale,” says Lawrence Yun, NAR’s chief economist. “Historically low inventory continues to reinforce and even increase prices in some areas.” The national median existing single-family home price in the second quarter was $291,300—up 4.2% annually. That is, however, a slower pace of appreciation compared to the pre-pandemic growth rate of 7.7% that was recorded in the first quarter, NAR reports.

Source: Realtor.com^®