Home Buyers Priced Out, Top 20 Cities See Record Home Price Gains, Food And Aluminum Shortages

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On the monthly Case-Shiller data, where the latest Top 20 City Composite Index rose a record 17% in May, and which showed that every metro area in the US saw double digit Y/Y price gains. today the NAR reaffirmed that US home prices are rising at the fastest pace on record, with the median price of an existing single-family home soaring 22.9% in the second quarter from a year earlier to an all-time high of $357,900 an increase of $66,800 from one year ago as a result of surging demand due to "continued low levels of housing inventory, combined with record-low mortgage rates"; the result was an increase in existing home prices in all but one of 183 measured markets during the second quarter of 2021.
Key highlights:
The median sales price of single-family existing homes rose in 99% of measured metro areas in the second quarter of 2021 compared to one year ago, with double-digit price gains in 94% of markets.
About 94% of 183 metropolitan areas measured had double-digit gains, up from 89% in the first quarter.
The median sales price of single-family existing homes rose 22.9% to $357,900, an increase of $66,800 from one year ago. Over a 3-year period, 46 markets had price gains of over $100,000.
The monthly mortgage payment on a typical existing single-family home rose to $1,215 and the income a family typically needed to afford an existing single-family home increased to $58,314.