The monthly anecdotes have been endless, and now we know that the second quarter of 2021 was, in fact, a massive period for real estate in the U.S.
According to new numbers from the National Association of Realtors, 94 percent of 183 metro areas experienced double-digit price increases, compared to 89 percent in the first quarter of 2021.
In fact, the median sales price of single-family existing homes rose in 99 percent of measured metro areas in Q2 compared to a year ago. That price: $357,900. That’s an increase of $66,800 from one year ago.
“Home price gains and the accompanying housing wealth accumulation have been spectacular over the past year, but are unlikely to be repeated in 2022,” said Lawrence Yun, NAR chief economist. “There are signs of more supply reaching the market and some tapering of demand. The housing market looks to move from ‘super-hot’ to ‘warm’ with markedly slower price gains.”
In all, 12 metro areas reported price gains of more than 30 percent year-over-year. Pittsfield, Massachusetts (46.5 percent); Austin-Round Rock, Texas (45.1 percent) and Naples-Immokalee-Marco Island, Florida (41.9 percent) saw the largest increases. The only California market to make the top 12 was San Francisco/Bay Area, which saw an annual increase of 31.9 percent.
Regionally, the whole of the U.S. saw double-digit year-over-year price growth, led by the Northeast (21.8 percent), followed by the South (21.0 percent), West (20.9 percent) and Midwest (17.1 percent).