Daily Real Estate News
The tight supply of available homes is prompting more house hunters to bid up home prices, housing analysts say.
“Prices are rising just too fast,” says Lawrence Yun, chief economist with the National Association of REALTORS®. “And certainly far ahead of people’s income.”
NAR recently reported that the limited number of homes for sale was pushing the national median sales price above its 2006 peak. In its latest existing-home sales report, NAR noted that the median home price for all housing types reached $236,400 in June – 6.5 percent above year ago levels and surpassing the peak median sales price set in July 2006 at $230,400.
