If you’re planning to sell your home, here’s some great news from the National Association of Realtors, as reported in The Wall Street Journal.
The National Association of Realtors said that home prices in the second quarter rose in 163 out of 176 metro areas, continuing their upward trajectory even as economists warn of looming affordability problems and a limited supply of homes for sale.
The median existing single-family home price rose to $229,400 in the second quarter, up 8.2% from a year earlier. That was a slightly faster rate of increase than the 7.1% price rise seen in the first quarter.
Real-estate agents this year reported a hot spring selling season that bled into the summer with dwindling home supply, the return of bidding wars in some cities and trigger-happy buyers eager to get a home loan before a long-expected rise in mortgage rates.
Home prices rose the fastest in the stretch of cities extending up the east coast of Florida between Port St. Lucie and Titusville, with the median sales price in those areas rising about 20% from a year earlier. Raleigh and Greensboro, N.C., also saw strong double-digit gains.
Californian cities continued their reign atop the list of most-expensive markets, with San Jose commanding a median sales price of $980,000.
