US house prices soar from coast-to-coast

Goldman Sachs has released a bunch of interesting charts on the US housing market, which has experienced its biggest and broadest price boom since the Global Financial Crisis.

As shown below, median house prices across the US have surged by 17.7% over the past year with most of that growth coming in the past six months:

This growth has been broad-based:

Housing supply remains incredibly tight:

And affordability has obviously worsened:

Nevertheless, home ownership rates have picked up since the start of the pandemic:

And household balance sheets remain strong:

Due to low mortgage rates:

Accordingly, the percentage of US mortgage borrowers in forbearance has declined:

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