The median price of single-family housing rose 23% year-on-year to an all-time high of $357900.
It is hard for buyers to find affordable homes, and sales of second-hand homes fell for the fourth consecutive month in May.
Us housing prices rose at a record pace in the second quarterThe competition in the buyer's market is fierce.
The National Association of Realtors released a report on ThursdayThe median price of second-hand single-family housing rose 23% year-on-year to an all-time high of $357900.. Of the 183 metropolitan areas, 94% reported double-digit increases in house prices, up from 89% in the first quarter.
Depressed mortgage rates have sparked a boom in the US housing market for more than a year, with a shortage of housing stocks pushing up house prices. It is hard for buyers to find affordable homes, and sales of second-hand homes fell for the fourth consecutive month in May.
"the rise in house prices over the past year and the subsequent accumulation of household wealth is staggering, but it is unlikely to happen again in 2022," Lawrence Yun, chief economist of the National Association of Realtors, said in a report. There are signs that market supply will increase and demand will decrease. "