Home prices in the U.S. are rising at the fastest pace in 15 years.
The housing market is on fire. As the Covid-19 pandemic fuels demand for more space and refuges from urban life, millions of millennials in their 30s are aging into their prime-homebuying years during what one economist has termed a “super sellers’ market.” That surge in demand coincides with limited supply driven by construction lags and homeowners holding onto their houses for longer, among other factors. At the end of February, just 1.03 million homes were on the market nationwide, a level unchanged from January and the lowest recorded in data going back to 1982. Experts predict the imbalance of supply and demand isn’t going to abate soon, though rising mortgage rates could slow some of the buying appetite.