Nov
24
Every metro area tracked by the National Association of Realtors® during the third quarter of 2020 saw home prices increase from a year ago, according to NAR’s latest quarterly report, released today.
Due in large part to record-low mortgage rates and depleted nationwide housing inventory, median single-family home prices grew year-over-year in all 181 metropolitan statistical areas1 tracked by NAR, as every measured market showed sales price gains.
"Favorable mortgage rates will continue to bring fresh buyers to the market," said Lawrence Yun, NAR chief economist. "However, the affordability situation will not improve even with low interest rates because housing prices are increasing much too fast."
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