The NAR reported that home prices rose in 163 out of 176 metro areas in the second quarter. The median existing single-family home price rose to $229,400, an 8.2 percent annual increase.
Data from real estate agents show a hot spring selling season that “bled into the summer with dwindling home supply,” which is a big influence on soaring home prices, The Wall Street Journal reports.
Strongest increases were in the Florida cities of Palm Bay, Port St. Lucie, and Sebastian. North Carolina cities Raleigh and Greensboro also had double digit gains.
However, not all markets were as hot as it was in the beginning of the year. For example, the markets of Cumberland, Md., Stamford, Conn., and Kingston, N.Y., were among the few cities with price declines.
Advertisement
Related Stories
Affordability
Survey Shows Buyers Have Homebuying Regrets
More than 80% of respondents have regrets about their home purchase and 50% of upcoming buyers would consider forgoing using an agent
Affordability
Is Fractional Homeownership Any Kind of Solution for Housing Attainability?
The imbalance between housing supply and demand is spurring some innovative options within the real estate industry
Sales
What the NAR Commissions Settlement Means for Home Builders
The legal settlement will improve transparency during the home sales process, mitigate predatory practices, and help preserve profitability for home builders
