Study: Home prices have spiked in 183 of 184 US markets
In 94 percent of markets examined by the National Association of Realtors, the median price of an existing single-family home was at least 10 percent higher in the second quarter than a year ago. The median for all 183 markets rose 23 percent from last year to an all-time high of $357,900, according to the Los Angeles Daily News.
In the first quarter, 89 percent of markets had seen the median price rise by double figures over a year.
Low mortgage rates and a low number of listings are fueling the rise in home prices. In 12 metro areas, the median price surged more than 30 percent from the previous year, led by a 47 percent rise in Pittsfield, Massachusetts.