Compared to one year ago, home prices in most every metro area increased during the third quarter of 2020, indicative of one of the hottest real estate markets we’ve seen in some time.

According to research recently released by the National Association of REALTORSⓇ (NAR), every metro area tracked by the association saw home price increases year-over-year. NAR’s quarterly report revealed that ongoing record-low mortgage rates and a scarce housing supply are contributing to rising home prices in all 181 of the metropolitan statistical areas NAR tracks. So while favorable mortgage conditions continue, affordability stands to become a growing problem due to a persistent lack of homes on the market.

Here are some valuable insights from the NAR report:

– Sixty-five percent of metros—117 areas out of 181—witnessed double-digit price growth from one year ago. In comparison, only 15 metro areas recorded double-digit increases in 2020’s second quarter.

– The metros that saw the biggest increase in home prices during the third quarter were: Bridgeport, Conn. (27.3 percent); Crestview, Fla. (27.1 percent); Pittsfield, Mass. (26.9 percent); Kingston, N.Y. (21.5 percent); Atlantic City, N.J. (21.5 percent); Boise, Idaho (20.6 percent); Wilmington, N.C. (20.6 percent); Barnstable, Mass. (19.4 percent); Memphis, Tenn. (19.1 percent); and Youngstown, Ohio (19.1 percent).

– All four major geographical regions saw double-digit year-over-year price gains, led by the West (13.7 percent), but followed closely by the Northeast (13.3 percent), the South (11.4 percent) and the Midwest (11.1 percent).

– The nation’s median existing single-family home price climbed 12 percent on a year-over-year basis to $313,500.

– At this current rate of increase, home prices were growing four times as fast as median family income.

– At the end of the third quarter, 1.47 million existing homes were available for sale, 19.2 percent lower than total inventory at the end of 2019’s third quarter.

According to NAR Chief Economist Dr. Lawrence Yun, the biggest price increases were seen in metros where homebuyers could secure a larger property and more open space, reflecting the changing lifestyle needs of families sparked by pandemic conditions.