Home prices in Q2 2021 exceeded values from one year ago in 97% of all US metro areas. Nationally, the median home price was $305,000, a +10.8% increase from Q1 2021 and +22% from Q2 2020.
Prices Up in 97% of Metro Areas in Q2 2021
According to the just released Q2 2021 US Home Sales Report from ATTOM Data Solutions, the national median home price during Q2 2021 hit $305,000. The biggest y/y median home price increases came in Barnstable Town MA (+53%), East Stroudsburg PA (+46%), Worcester MA (+42%), Dover DE (+38%) and Brunswick GA (+34%).
With populations of at least 1M, the largest annual increases in median home prices came in Boston MA (+27%), Austin TX (+26%), Seattle WA (+25%), Nashville TN (+24%) and Tampa FL (+24%).
Homeowner Tenure Drops to 8-Year Low
Homeowners who sold their homes during Q2 2021 had owned their homes an average of 6.3 years. This 6.3 years was the shortest time period between buying and reselling since Q1 2013.
Homeownership tenure dropped in 90% of metro areas during Q2 2021.
Institutional Investment Shot Up to 4.6% of All Home/Condo Sales in Q2 2021
Institutional investment accounted for 4.6% of all single-family house and condominium purchases during Q2 2021. Hot spots for institutional investments included Mississippi, Arizona, Georgia, Nevada and North Carolina.
Cold spots for institutional investments included New Hampshire, Rhode Island, Massachusetts, Hawaii and Louisiana.
Cash Sales Jumped to 6-Year High
All-cash sales nationwide accounted for a whopping 34% of all single-family house and condo sales during Q2 2021, the highest level since Q1 2015.
FHA-Financed Purchases Dropped to Just 7.9%
FHA-financed loans accounted for just 7.9% of all single-family and condo purchases during Q2 2021. This 7.9% represents the lowest level of FHA-financed loans since Q4 2008.
Metros with the highest levels of FHA loans included Lakeland FL, Corpus Christi TX, Utica NY, Beaumont TX and McAllen TX.
Thanks to ATTOM Data Solutions.