House prices have set records in the US and parts of Europe as vast fiscal and monetary stimulus help residential property markets to continue shrugging off the impact of the coronavirus pandemic.
The median price for US existing houses rose a record 23.6 per cent year on year to a high of $350,300 last month with every region of the country recording increases, the National Association of Realtors said on Tuesday.
Europe’s housing market has also kept climbing despite the Covid-19 crisis. In the Netherlands, existing house prices rose 12.9 per cent in May from a year earlier, the fastest growth rate since 2001, the Dutch Statistics Office said.
The number of residential property sales declined in both the US and the Netherlands, even as prices continued to rise, suggesting that demand is outstripping supply. The Dutch Land Registry said it recorded 16,126 residential property transactions in May, a 12.1 per cent…