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Housing market booming as US gets closer to end of pandemic

Housing market strong in Portland
Posted at 6:23 AM, Apr 23, 2021
and last updated 2021-04-23 09:17:41-04

CORPUS CHRISTI, Texas — One good economic sign as the U.S. makes its way out of the pandemic is that the housing market is booming.

According to the National Association of Realtors, the median sale price for a house was $329,100 in March, a record high.

The average price is also a 17.2% increase from this time last year, which is also a record.

In simple economic terms, the record highs are due to low supply and high demand.

There is a massive influx of buyers, and at the moment there are not enough homes to meet that demand.
Even with high prices, the lack of inventory is actually hurting total volume of sales, which is down 3.7% since February.

Also helping drive up demand is the fact that many buyers want to take advantage of historically low interest rates.