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(NEXSTAR) – At the end of 2021, home prices were 18.5% higher than they had been just a year before, according to CoreLogic. And just when you think prices couldn’t possibly get any higher, they have. In January 2022, home prices climbed yet again as home inventory reached a record low, according to the National Association for Realtors. The median price of a home has topped $350,000 nationally.

With astronomical numbers like that, it’s hard to believe this isn’t a housing bubble, but real estate analysts agree it’s not. Here’s what’s really going on.