The shortest month of the year managed to pack quite the punch for the housing market.
February saw the national median home list price climb to a new record high of $392,000, according to a Realtor.com® report. That hefty price tag is up an overall 12.9% compared with the previous year.
And while that double-digit percentage spike already sounds substantial, consider the fact that home prices have skyrocketed a full 26.6% compared with February 2020—right before the COVID-19 pandemic sent the housing market into overdrive.
This news couldn’t come at a worse time for buyers hoping to land an affordable home right now.
“Median home prices reached an all-time high in February just as mortgage rates surged to the highest level in almost three years,” says George Ratiu, senior economist at Realtor.com.