Condo Prices Jump to Record High as Buyers Seek Relative Affordability

Source: Redfin — 

The typical U.S. condo sold for a record $319,000 in February, up 14.6% from a year earlier and 22.7% from two years earlier, just before the pandemic began. 

Condos are in demand partly because they’re a comparatively affordable option amid skyrocketing home prices and rising mortgage rates. Single-family home prices hit a record $406,000 in February, up 15.9% year over year and up 34.9% from two years earlier.

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