People in Pennsylvania and Virginia say the price of a home in those states has gone up faster than average.
It was a trend that many real estate professionals said would have taken years to happen, given the cost of living.
The median price of homes in the two states rose about 10% between 2014 and 2016, according to data from RealtyTrac.
But median price has more than doubled since the first quarter of 2017, according the National Association of Realtors.
Many of those people said they have noticed prices have gone up more rapidly than in the previous five years.
They’re not wrong.
Real estate data is compiled by Realtor.com.
It’s a database of more than 11,500 real estate brokers that track home prices across the United States.
Realtressors.com also released data showing median prices for properties in Pennsylvania increased more than 13% between 2016 and 2017, and median prices increased more the past five years than in all of 2017.
And the median price in Virginia rose more than 12% between 2015 and 2017.
The real estate industry says the median prices in both states are still too low, and it’s the fault of low-income people.
The National Association for Realtoring (NAR) has called on the federal government to create a nationwide sales tax on home sales, saying it’s a fairer way to help pay for housing assistance.
In March, Congress approved a $1.1 trillion tax cut for real estate investors, but a lot of it goes to the wealthiest Americans.
And some economists are skeptical of the idea that the real estate bubble will burst.
The Federal Reserve’s rate of inflation is 1.6% and housing costs are still skyrocketing, according a new report from the University of Michigan.
That’s a big problem for homeowners.
So they’re looking to make a lot more money in the long run than they are right now, said Mark Barden, president of the RealtOR Foundation, a nonpartisan think tank.
He says it’s likely that real estate is going to keep going up for a while longer.
The trend for the median home price in Pennsylvania is a lot lower than what’s seen in the rest of the country, said Richard J. Hahn, senior vice president at the National Real Estate Association.
The average price in the region rose about 9% between the first and second quarters of 2017 for the first time in at least six years.
But prices in Virginia increased 8.9% between March and June.
That could be because more people are looking to buy homes than were doing five years ago, said Barden.
But the state’s average price was up 6.3% from the same period in 2016, and more people in the area are looking for houses to buy than were in the decade before, he said.
In some cases, people are getting stuck in a cycle of higher and higher home prices, he added.