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Home Prices Soar in Frenzied U.S. Market Drained of Supply

  • Almost half of properties have offers accepted within a week
  • Flexible work options, rate urgency help fuel buyer demand
A For Sale sign in front of a single-family home in San Rafael, California.
A For Sale sign in front of a single-family home in San Rafael, California.Photographer: David Paul Morris/Bloomberg

Last year’s pandemic housing rush is now this year’s end-of-lockdown feeding frenzy.

Across the U.S., house hunters are fighting for scraps in a market picked clean of listings during the key spring homebuying season. Bidding wars are the norm. Strategies like waiving inspections to secure deals, common for years in hot West Coast tech hubs, are popping up in places from Buffalo, New York, to Salt Lake City.