According to the National Association of Realtors (NAR) latest quarterly housing report, persistent low-levels of housing inventory, combined with record-low mortgage rates spurring housing demand, have caused an increase in median property prices in the US, in all but one of 183 measured markets during the second quarter of 2021.

NAR's report also reveals that 94% of 183 US metro areas also experienced double-digit price increases (89% in the first quarter of 2021). The median sales price of single-family existing homes rose 22.9% to $357,900, an increase of $66,800 from one year ago. All regions saw double-digit year-over-year price growth, which was led by the Northeast (22%), followed by the South (21%), West (21%), and Midwest (17%).

“Home price gains and the accompanying housing wealth accumulation have been spectacular over the past year, but are unlikely to be repeated in 2022,” said Lawrence Yun, NAR chief economist. He added: “There are signs of more supply reaching the market and some tapering of demand. The housing market looks to move from ‘super-hot’ to ‘warm’ with markedly slower price gains.”

Yun added that home prices are increasing sharply in the San Francisco and New York metro areas. In the past three years, the typical price gain on an existing single-family home in the San Francisco/Oakland area in northern California, was $315,000.