Buyers, powered by record-low mortgage rates and untethered by the pandemic, continue to outnumber sellers, resulting in intense competition and rising prices.
The national median home price rose 2.8% year over year to an all-time high of $311,300 in June, even as new coronavirus cases began to increase again, more than doubling during the month. Home prices typically peak in June each year before trending down slightly through January, but given the pent-up demand that remains following the spring shutdowns, this year has been anything but typical so far, and it’s possible prices may continue to rise further before