Up, Up, and Away: Home Prices Reach a New Record High. How Long Can This Go On?
The shortest month of the year managed to pack quite the punch for the housing market.
February saw the national median home list price climb to a new record high of $392,000, according to a Realtor.com® report. That hefty price tag is up an overall 12.9% compared with the previous year.
And while that double-digit percentage spike already sounds substantial, consider the fact that home prices have skyrocketed a full 26.6% compared with February 2020—right before the COVID-19 pandemic sent the housing market into overdrive.
This news couldn’t come at a worse time for buyers hoping to land an affordable home right now.
“Median home prices reached an all-time high in February just as mortgage rates surged to the highest level in almost three years,” says George Ratiu, senior economist at Realtor.com.