The housing market continues to recover from coronavirus-induced troubles experienced in the spring, with home prices on the rise.
As of June, the median price for homes sold in the U.S. was $329,000, according to the Federal Reserve Bank of St. Louis. That is up from $307,100 in April and higher than figures recorded in March.
It is also a 5.6 percent year over year increase and a 6.1 percent month over month climb.
And median prices rose in all but four of the nation’s largest 85 metropolitan areas, according to real estate brokerage firm Redfin.
Existing home sales rose more than 20 percent in June, according to the National Association of Realtors, with growth throughout major regions of the U.S.
The housing market has been one of the sectors seen as leading the U.S. economic recovery amid the coronavirus pandemic, which caused widespread shutdowns throughout March and April.
However, experts are divided as to whether revitalization in the housing market will be continuously sustained, or whether there may be another dip ahead as pent-up demand flushes out.
Researchers from real estate firm Haus recently said they expect the housing market recovery to take the shape of a “Flying W” as opposed to a traditional “U” or “V” because current activity levels resulting from pent-up demand will not be sustained throughout the latter months of the year.
On the other hand, experts from the National Association of Realtors have said they believe the recovery is sustainable for “many months ahead.”
