Just how wild is the real estate market right now? You don’t hear National Association of REALTORS® Chief Economist Lawrence Yun say this every day: “We’ve never seen price appreciation of this magnitude.” It’s a sobering message in NAR’s latest home sales video, which covers the month of May, when the median home price rose nearly 24% year over year from $283,500 in May 2020 to $350,300 in May 2021.
Higher prices have sidelined some house hunters who are waiting for more housing inventory. But buyer competition is starting to cool, which could help consumers’ prospects.
Read more here: Yun: We’ve Never Seen Prices Appreciate This Fast