Seller's market: Prices of US existing homes hit record high
The median price of a previously owned home in the US topped $350,000 for the first time on record in May, as a shortage of single family homes make it a seller’s market.
It is what’s known in the trade as a “seller’s market”.
The average price of a previously owned home in the United States crossed $350,000 for the first time ever in May, surging 23.6 percent from a year earlier, the National Association of Realtors (NAR) said on Tuesday.
Every region of the country registered price increases in sales of existing homes last month, marking 111 consecutive months of year-over-year gains dating back to 2012.