(NAR) The median sales prices of existing homes in the US jumped by a record 22.9% in the second quarter, from a year ago, to hit a price of $357,900.
99% of all metro areas recorded a surge in median sales prices of existing homes, with 94% of them posting double-digit increases.
Over a 3-year horizon, 46 markets recorded price surges of over $100,000.
Home price gain on existing homes over the past three years totaled $89,900, with all 182 markets recording increases.
NAR chief economist Lawrence Yun does not expect the current home price gains to persist in 2022 and anticipates more supply to hit the market that could taper demand.
Amid the rising home prices, the monthly mortgage payment on existing homes increased to $1,215, up by $196 from a year ago.
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