Home prices spike in 94% of US markets

The hot housing market is not a local phenomenon anywhere in the United States, as almost all major metros have seen a double-digit jump in home prices.

In 94 percent of markets examined by the National Association of Realtors, the median price of an existing single-family home was at least 10 percent higher in the second quarter than a year ago. The median for all 183 markets rose 23 percent from last year to an all-time high of $357,900, according to the Los Angeles Daily News.

In the first quarter, 89 percent of markets had seen the median price rise by double figures over a year.

Low mortgage rates and a low number of listings are fueling the rise in home prices. In 12 metro areas, the median price surged more than 30 percent from the previous year, led by a 47 percent rise in Pittsfield, Massachusetts.

In the New York metro area, the median home price jumped 33 percent, among the 10 biggest gains in the U.S. The increase was 29 percent in Los Angeles, 28 percent in Miami and 23 percent in Chicago.

Only one metro area studied failed to see an increase: Springfield, Illinois, down 7 percent.

[LADN] — Holden Walter-Warner