National Association of Realtors, the median existing-home price for all housing types in March 2021 was $329,100, up 17.2% from March 2020 as prices increased in every region.
Prices rose in several cities, led by year-over-year gains of 17.4% in Phoenix, 17% in San Diego and 15.4% in Seattle. "The housing market is hot.
Very hot," NAR Chief Economist Lawrence Yun told FOX Television Stations Tuesday. "And there are so many buyers rushing into the market but not enough supply."Demand for housing has surged during the pandemic.
Americans fortunate enough to work from home have sought more space or a different location. Low mortgage rates are also encouraging buyers: The average 30-year fixed, home loan rate fell in April below 3% for the.