Median prices RISE

Despite the recession, pandemic, and social unrest, reports that median prices rose year-over-year by 4.3 percent for the week ending June 6. granted this is lightly below the 5-6 percent increase normally seen this time of year, but it far exceeded many analysts’ expectations.

There are two major reasons for what is going on: lack of inventory and a sizable portion of eager buyers, drawn by record-low interest rates (2.94% according to Mortgage News Daily).

Experts say to expect a competitive buyers market this summer with multiple bids except, perhaps, in the high-end market where inventory remains strong.

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