The National Association of Realtors® (NAR) is reporting in their latest quarterly report that due in large part to record-low mortgage rates and depleted nationwide housing inventory, median single-family home prices grew year-over-year in all 181-metropolitan statistical areas tracked by NAR, as every measured market showed sales price gains. The nation’s median existing single-family home price climbed 12.0% on a year-over-year basis, to $313,500. In prepared remarks, Lawrence Yun, NAR’s chief economist said, “Favorable mortgage rates will continue to bring fresh buyers to the market. However, the affordability situation will not improve even with low interest rates because housing prices are increasing much too fast.” Yun went onto say, “In light of the pandemic, prices jumped in a number of metros that contain larger properties and open space – where families could find extra rooms, including areas for an at-home office.”
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Metro Home Prices Increase in All Areas in Third Quarter of 2020