Daily Real Estate News
The nationwide inventory crunch has pushed up home prices year-over-year in 93 percent of the country’s 176 major metro areas during the second quarter, according to the National Association of REALTORS®. Nineteen percent of those metros, or 34, saw double-digit increases in the second quarter.
“Steady rent increases, the slow rise in mortgage rates, and stronger local job markets fueled demand throughout most of the country this spring,” says NAR Chief Economist Lawrence Yun. “While this led to a boost in sales paces not seen since before the downturn, overall supply failed to keep up and pushed prices higher in a majority of metro areas.”
