In the metropolitan area, the price of homes has risen across the biggest markets in the United States. Up to 91% of them to have recorded an increase, giving us a national median price of $279,600.
“New-home construction is greatly needed; however, home construction fell in the first half of the year, [which] leads to continuing tight inventory conditions, especially at more affordable price point. Home prices are mildly reaccelerating as a result," commented Lawrence Yun, the chief economist at the National Association of REALTORS®.
This is great for sellers who may have been waiting for the right time to sell their home, and aren't sure when they will get the best bang for their buck. As for buyers, they shouldn't let these high prices scare them away just yet. The exceptionally low mortgage rates will help with housing affordability.