US House Prices Up 18% On Year In May As Demand Outstrips Supply - Federal Housing Agency
Sumaira FH Published July 27, 2021 | 11:10 PM
WASHINGTON (UrduPoint News / Sputnik - 27th July, 2021) House prices in the United States increased by 18 percent in May from a year ago, the Federal Housing Finance Agency (FHFA) said on Tuesday, indicating demand was still exceeding supply.
On a monthly basis, home prices increased 1.7 percent from April, continuing an unbroken trend for at least the last 18 months, the FHFA price index showed.
"House prices continued their record-setting growth into May," FHFA Deputy Director Lynn Fisher said in a statement. "This trend will likely continue around the country as busy summer home-buying months maintain the pressure being felt in already tight housing markets.
"
US house prices have risen every year without a blip for nearly ten years now, appreciating even during last year's coronavirus pandemic.
Prices have particularly increased in 2021 due to the strong re-emergence of the economy from the coronavirus pandemic and higher buying capability for Americans empowered by pandemic relief payouts by the government.
The median price for new single-family homes stood at $361,800 in June, versus the average of $428,700. In April, the median was just $341,600.
The housing market is one of the cornerstones of the US economy, accounting for nearly 15 percent of Gross Domestic Product.
Related Topics
Recent Stories
IHC adjourns PTI founder, Qureshi's appeal till Thursday
CDWP recommends 3 projects to ECNEC for approval
Tarar assures APNS to resolve issues of newspaper industry
Pakistan urged to capitalize on economic stability, for Tobacco Tax Reforms
N. Macedonia polls set to upend ties with EU neighbours
Croatia's ruling party reaches coalition deal with right wing
Bayern coach Tuchel makes three changes for Madrid showdown
Olympic flame arrives on French soil for Paris Games
Punjab Finance Minister announces expansion of Social Protection Authority's man ..
Kenya inks deal to end doctors' strike
Brazil flooding death toll reaches 100
Lebanon security source says five killed in Israeli strikes on south
More Stories From World
-
Football: South African Premiership results
5 hours ago -
Football: South African Premiership table
5 hours ago -
Fiorentina reach Europa Conference League final
5 hours ago -
Fiorentina reach Europa Conference League final
5 hours ago -
Football: Europa Conference League results
6 hours ago -
Tennis: Rome Open results - 1st update
7 hours ago
-
Tennis: Rome Open results
7 hours ago -
Track cycling star Benjamin Thomas escapes to win Giro 5th stage
7 hours ago -
Osaka wins in Rome after three-year absence
7 hours ago -
N. Macedonia polls set to upend ties with EU neighbours
7 hours ago -
Croatia's ruling party reaches coalition deal with right wing
7 hours ago -
Kenya inks deal to end doctors' strike
7 hours ago