A shortage of housing stock combined with robust homebuyer demand and low mortgage rates sent U.S. home prices soaring by the highest annual rate on record in the second quarter, according to data from the National Association of Realtors (NAR).
The median price of an existing single-family home surged by 22.9 percent in the second quarter of 2021 compared to the year-ago period, hitting an all-time high of $357,900, the NAR said in an Aug. 12 report. The nearly 23 percent rise represents an increase of $66,800 from a year ago.
