Rents soared across the country in 2022, but certain zip codes reached new heights, with the No. 1 having an average rent of $24,000 for a two-bedroom apartment.
Houses in this area saw some of the highest surges in home prices during the pandemic. Now, those same locations are seeing homebuyers back out in record numbers.
U.S. single-family home prices in 20 key urban markets rose 19.1 percent in June from a year earlier, marking the largest annual price increase in the 20-year history of the 20-city composite measure.
The HMI index component that gauges current sales conditions fell five points to 81 in August, while the part that measures traffic of prospective buyers also recorded a five-point drop to 60.
The median price of an existing single-family home surged by 22.9 percent in the second quarter of 2021 compared to the year-ago period, hitting an all-time high of $357,900, the NAR said in an Aug. 12 report.