A recent analysis by ResiClub of the Case-Shiller National Home Price Index has unveiled a jaw-dropping surge in US home prices, soaring a lofty 47.1% since the dawn of this decade.
The boom witnessed in the early years of the 2020s has outpaced not only the growth of the 1990s and 2010s — but is now threatening to surpass the entirety of the 2000s.
Even the dizzying heights reached before the 2007 housing market meltdown are within striking distance.
This decade’s housing market frenzy was ignited by a perfect storm — the onset of the COVID-19 pandemic triggering an unprecedented rush among buyers.
The result? A staggering 20% surge in prices within a mere 12 months.
Despite mortgage rates skyrocketing to around 7%, double what they were at the peak of the pandemic, home prices refuse to plateau.
That’s due the insatiable appetite for housing coupled with a crippling shortage in supply.
To put things in perspective, the median US home sale price hit $420,800 in the first quarter of this year.
Compare that to a modest $327,100 at the beginning of the decade. It was a mere $124,800 at the dawn of the ’90s.
Lance Lambert, co-founder of ResiClub, drops the bombshell: Housing price growth in the first 50 months of this decade has outpaced not just one, but the last three decades combined.