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Home Prices Soar At The Fastest Pace On Record As Affordability Hits All Time Low

While it won’t come as a surprise to those who keep tabs on the monthly Case-Shiller data, where the latest Top 20 City Composite Index rose a record 17% in May, and which showed that every metro area in the US saw double digit Y/Y price gains

… today the NAR reaffirmed that US home prices are rising at the fastest pace on record, with the median price of an existing single-family home soaring 22.9% in the second quarter from a year earlier to an all-time high of $357,900 an increase of $66,800 from one year ago as a result of surging demand due to “continued low levels of housing inventory, combined with record-low mortgage rates”; the result was an increase in existing home prices in all but one of 183 measured markets during the second quarter of 2021.

Key highlights from the report published earlier today:

  • The median sales price of single-family existing homes rose in 99% of measured metro areas in the second quarter of 2021 compared to one year ago, with double-digit price gains in 94% of markets.
  • About 94% of 183 metropolitan areas measured had double-digit gains, up from 89% in the first quarter.
  • The median sales price of single-family existing homes rose 22.9% to $357,900, an increase of $66,800 from one year ago. Over a 3-year period, 46 markets had price gains of over $100,000.
  • The monthly mortgage payment on a typical existing single-family home rose to $1,215 and the income a family typically needed to afford an existing single-family home increased to $58,314.

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