Home prices rose in the vast majority of U.S. metro areas in the second quarter, according to the National Association of Realtors.
The median existing single-family home price
The number of rising markets was also an increase from the first quarter, when 85% of metro areas had gains. In the second quarter, 19% of metro areas saw double-digit increases in home prices.
"Steady rent increases, the slow rise in mortgage rates and stronger local job markets fueled demand throughout most of the country this spring," Lawrence Yun, the Realtors' chief economist, said in a news release.
The lack of housing supply also led to the increase in housing prices, Yun said.
"Declining affordability remains a hurdle for renters considering homeownership," Yun said.
The national median existing single-family home price rose 8.2% to $229,400 from a year earlier.
San Jose, Calif., was the most expensive market with the median existing single-family price at $980,000, followed by San Francisco at $841,600.
Cumberland, Md., was the cheapest at $82,400.
