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Why The U.S. Housing Market Is Booming

A home stands for sale in a Brooklyn neighborhood with a limited supply of single family homes in New York City.
A home stands for sale in a Brooklyn neighborhood with a limited supply of single family homes in New York City.

This spring, the median price of a single-family home in the U.S. hit a record high at $335,000. 

The average timethat a house sat on themarket?Just 18 days. That’s also a record according to the National Association of Realtors

From Vox’s Recode:

Most recently, the pandemic and the premium that it put on private indoor and outdoor space has driven demand and prices. But like many things, this was an existing trend that the pandemic merely accelerated, and it has its roots in a confluence of factors, from an aging millennial population to an influx of private equity.

What’s behind this historically weirdhousing market?And is there any sign of a slowdown? 

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