Wednesday, November 25, 2020 9:30 pm

Home prices up as supply dips to new all-time low

By Tim Ellis | Redfin

The national median home price rose 8.2% year over year to $323,800 in July. This is the third time in four months that prices have hit a new all-time high, as low mortgage rates continued to drive a spike in early homebuyer demand that has not been met with a matching surge in homes for sale.

“The housing market is intense right now,” said Albuquerque Redfin agent Jimmy Martinez. “We’ve got about half as many homes for sale as there were at this time last year, met by a big surge in people moving here from across the country in addition to lots of local homebuyers, all of which has pushed prices up dramatically from last year.”

The current rate of home price growth is the highest in over two years, and roughly on par with levels that were last seen between late 2016 and early 2018.

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