The median price of a single-family home rose 23% year on year to a record high of $357,900

It is difficult for buyers to find affordable homes, and second-hand housing sales declined for the fourth month in a row in May.

US residential prices recorded the highest increase on record in the second quarter, the buyer market is fiercely competitive.

The National Association of Realtors of America released a report on Thursday saying,The median price of a second-hand single-family home rose 23% year on year to a record high of $357,900. Of 183 metropolitan areas, 94% reported double-digit increases in housing prices, up from 89% in the first quarter.

Low mortgage interest rates have triggered a boom in the US real estate market for over a year, and a shortage of housing stock has driven up the level of housing prices. It is difficult for buyers to find affordable homes, and second-hand housing sales declined for the fourth month in a row in May.

Lawrence Yun, chief economist of the National Association of Realtors, said in the report, “The rise in housing prices over the past year and the subsequent accumulation of household wealth has been astonishing, but it is unlikely to happen again in 2022. There are signs that market supply will increase and demand will decrease.”