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.