Despite the recession, pandemic, and social unrest, realtor.com 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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