Study: Home prices have spiked in 183 of 184 US markets


In this file photo, the exterior of a house with a pending home sale sign is viewed in Palo Alto, Calif. (AP Photo/Paul Sakuma, File)

(TheRealDeal) – The hot housing market is not a local phenomenon anywhere in the United States, as almost all major metros have seen a double-digit jump in home prices.

In 94 percent of markets examined by the National Association of Realtors, the median price of an existing single-family home was at least 10% higher in the second quarter than a year ago. The median for all 183 markets rose 23% from last year to an all-time high of $357,900, according to the Los Angeles Daily News.

In the first quarter, 89% of markets had seen the median price rise by double figures over a year.

Low mortgage rates and a low number of listings are fueling the rise in home prices. In 12 metro areas, the median price surged more than 30% from the previous year, led by a 47% rise in Pittsfield, Massachusetts.

In the New York metro area, the median home price jumped 33%, among the 10 biggest gains in the U.S. The increase was 29% in Los Angeles, 28% in Miami and 23% in Chicago.

Only one metro area studied failed to see an increase: Springfield, Illinois, down 7%.

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