According to research from the National Association of Realtors, home prices have appreciated for 107 straight months.
The median price in the U.S. is now $309,000.
The U.S. region with the highest median price is the West at $461,800. The lowest is in the South at $263,300.
All regions showed double-digit price appreciation from one year ago.
While prices are going up all across the U.S., inventory is going down. The number of properties for sale has declined for 20 straight months.
Low inventory and high demand are causing properties to sell quickly. It now takes an average of 21 days for a property to go under contract compared to 43 days one year ago.
So, the dynamics we notice locally are also occurring nationally.