Record rise in US housing prices

According to the National Association of Realtors (NAR) data, average housing prices increased by 23 percent to 357 thousand 900 dollars, reaching an all-time high.

For more than a year, low interest rates and declining stocks have supported the housing market and prices. The biggest increase was in the Northeast region with 22 percent.

Second-hand house sales in the country declined for 4 consecutive months as buyers could not find housing they could afford.

NAR Chief Economist Lawrence Yun said there have been tremendous price increases, but that picture may not continue into 2022.