Full house prices are up by a whopping 10% since the start of the year, the largest monthly increase in more than a decade.
It’s an incredible feat for a market that was in freefall for years.
But the latest data suggests that the pace of growth in the market will likely accelerate, as housing prices continue to soar.
That’s because housing prices have continued to rise at the fastest pace in more years than they did in the last two decades.
According to data from CoreLogic, housing prices in the US rose at a faster rate in the first half of 2017 than they have in nearly a decade, and the number of homes sold in the quarter that ended March 25, compared with the same period in 2017, was 4.4% higher.
That means the number sold in Q1 2018 was nearly 10 times higher than the same time last year.
The median price of a single-family home is now $845,000, up 13% from the first quarter of 2017.
The average price of the most expensive single-families rose 15% to $1.5 million in the same quarter.
While those numbers may not sound like huge jumps, they mark the biggest increases in more time than many investors anticipated.
And the increase is almost entirely driven by the booming housing market.
In the second quarter of 2018, home prices rose 7.3%, more than double the pace from the previous quarter.
That included a 15% jump in the price of single- and multifamily homes.
While the price increases aren’t as dramatic as in the past, they are still more than enough to drive demand for more homes.
The fastest pace of home price growth in more that a decade has come from the nation’s wealthiest suburbs, which were hit hard by the housing crash.
And while the suburbs are growing, they aren’t growing at the rate that’s needed to keep the market from exploding.
The housing market is still going to take a long time to cool down, but that’s exactly what’s happened.
The US housing market will continue to expand, but it’s going to be a long, slow process.
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