Price Of Existing Homes Skyrocket Nationwide In Second Quarter

Home prices have skyrocketed nationwide in the U.S. during the second quarter, compared to last year. 

This massive increase in worth is due to a jump in demand, along with demand, a low number of houses on the market, and record low mortgage rates. 

The Wall Street Journal reported, The median sales price for single-family existing homes was higher in the second quarter compared with a year ago for 182 of the 183 metro areas tracked by the National Association of Realtors, the association said Thursday. In 94% of those metro areas, median prices rose by more than 10% from a year earlier.

Nationwide, the median single-family existing-home sales price rose 22.9% in the second quarter to $357,900 from a year ago, a record in data going back to 1968, NAR said.

On top of this, at least 12 metro areas have also reported that their home prices have increased by 30% year over year. 

“Any disincentive to produce more housing inventory, such as extending the eviction moratorium, will only worsen the current shortage,” NAR chief economist Lawrence Yun said in a statement.

Recently, Biden has been advocating to continue the rent moratorium. This moratorium  would allow people to build a dependency on the government, and further reduce available homes and drive prices up. 

Yun warned that monitoring the housing supply will be critical to moderating the growing costs. 

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