A new Remax report revealed that the median home price has increased to yet another high mark. The driving factors addressed in a recently published National Mortgage News piece include the rise in demand for housing coupled with the dismal numbers of available inventory.
"The national median home sales price grew year-over-year for the 27th consecutive month, reaching its highest level since Remax started its housing report nine years ago," according to NMN.
"June's median of $258,500 represents a 2.8% increase from May and 5.1% jump from June 2017."
Remax numbers indicated that there were just two metro areas out of the 54 surveyed, that recorded drops in the median home prices. Billings, Montana featured a .6 percent median home price drop with Anchorage, Alaska dropping .4 percent.
Home prices have been skyrocketing in a number of larger metros as folks continue compete over housing in crowded areas.
Unfortunately, this is a problem we have continued to see for the past couple of years. Inventory shortage has only gotten worse as of recently with no signs of slowing. Homes are steadily flying off the market without fewer new constructions on the horizon.
To learn more about the rise in median home prices across the nation, click on the image above.