Home prices have risen by an annualized rate of 10.7% in the first six months, according to a report from Radian.
As many hoped for a resurgence in the buyers' market, the wait could be longer than anticipated. Home prices have risen by an annualized rate of 10.7% in the first six months, according to Radian's Home Price Index.
The company also revealed that the Radian HPI increase by 10.2% year-over-year from July 2020 to June 2021, up from last month's year-over-year increase of 9.9%.
“In our last release, the Radian HPI reported that home prices grew at the fastest annual rate in over a decade and a half, and that momentum has not stopped yet,” noted Steve Gaenzler, senior vice president of Data and Analytics. “During the second quarter, mortgage rates fell by 30 basis points and economic growth accelerated helping to further elevate home prices nationally. It is safe to say that all talk of the reemergence of a 'buyers' market' is not yet supported by the most recent home price data.”
Radian also reported that nationally, the median estimated price for single-family and condominium homes rose to $282,967 in June from the $280,002 recorded in May. Additionally, home prices rose 11.7% in the second quarter, a notable increase compared to the first-quarter increase of 9.4%, according to the report.
Meanwhile, the demand for homes is still high across the nation as June 2021 saw the second-highest number of real estate closings ever at more than 370,000 closed sales. Radian also notes that homes are also continuing to close in record time.
Read more about the increase in home prices across the first six months of 2021.
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