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US home prices surge the most since 2013 amid low mortgage rates - Business Insider

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US home prices surge the most since 2013 as Americans take advantage of rock-bottom mortgage rates

Low-mortgage rates have fueled 2020's powerful housing rally. But as home prices significantly outpace median family income growth, more Americans are pushed out of the housing market and forced to delay homeownership. Visit the Business Insider homepage for more storiesThe median price for a single-family home in the US rose 12% in the third quarter to $313,500, according to theIt's the highest year-over-year increase since the third quarter of 2013, when prices rose 12.

Lawrence Yun, NAR's chief economist, attributed the housing boom to low mortgage rates in the US. As of Thursday, the average rate for a 30-year home loan is 2.84%. This rate rose from 2.78% the previous week,

 

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