The U.S. economy is currently experiencing the hottest real estate market on record, S&P/Case-Shiller U.S. National Home Price Index data show.
In February, home prices surged more than 19 percent year-over-year, with the average residential property selling close to $300,000. The last time the U.S. real estate market recorded such exceptional growth was during the 2008 housing crisis.
According to a new report from Realtor.com, the median listing price is nearly $400,000, suggesting that the typically busy spring buying season will be notably competitive.
“As home listing prices reach historic highs and available home inventory reaches historic lows in much of the country, prospective American homebuyers–many of whom have more flexibility to work remotely than they did before the pandemic–are growing more and more likely to search farther from where they currently live,” a first-quarter affordability report stated. “The markets where this new attention has been focused tend to be less expensive and in warmer climates.”
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