Surging home prices around the U.S.

Real Estate

With affordable homes already in short supply around the U.S., house-hunters this spring faced another challenge: surging prices. Median home prices in the second quarter surged to a record high $266,000 for single family-homes and condos, according to a recent report from property research firm ATTOM Data Solutions. That's up 6% from about $250,000 a year ago.

Prices often rise starting the spring as warmer weather brings out house-hunters. Another draw — a recent decline in mortgage costs, with the Federal Reserve widely expected to cut its benchmark interest rate later this month.

"It's no surprise that people were wanting to buy a home, even if prices were at their peak," Todd Teta, chief product officer at ATTOM Data Solutions, said in a statement. "We expect to see milder home prices in the coming quarters."

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