Sales prices continue to climb, but a new report found that all home values are surging as well, whether homeowners are looking to sell or not.
CNBC reports that, according to the National Association of Realtors, the median value of all homes in the U.S. reached $200,000 in June, a 7 percent increase from the year before. The nation’s median sales price, meanwhile, has been higher than $200,000 for the last year.
A lack of available homes has been cited as the reason for the home value boom. Nationwide inventory is down 11 percent year-over-year in June, and several markets, including Minneapolis, San Francisco, and Washington D.C., have experienced 20 percent annual decreases in inventory.
"The national housing market remains red hot and shows no signs of slowing, even as some local markets like the Bay Area have noticeably cooled," said Svenja Gudell, Zillow's chief economist. "But even in areas where the housing market has slowed, home values are at or very near peak levels, selection is limited, demand is high and competition is fierce."
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