Home Prices in the U.S Increase at Fastest Rate Since 2013
- Housing costs rise in all areas measured by Realtors group
- First-time buyers are getting shut out as inventory shrinks
Photographer: Daniel Acker/Bloomberg
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Prices for single-family homes across the U.S. increased 12% in the third quarter, the biggest annual jump in seven years, according to the National Association of Realtors.
The cost of housing is rising everywhere, adding to affordability concerns as millions of Americans lose income during the pandemic. Prices rose from a year earlier in all 181 metropolitan areas measured by the group, and 117 regions had double-digit gains, compared with only 15 in the second quarter, according to a report Thursday.