Asking price for a typical U.S. home nears $400,000, up 13% in just one year

The housing market has been in a frenzy during the pandemic, with prices surging as buyers bid higher and higher on a dwindling inventory. Prospective buyers hoping for a break this spring aren't likely to see one, with recent home prices continuing to jump by double-digit percentages. 

The median listing price for properties hit a record $392,000 in February, according to a new analysis from Realtor.com. That's an increase of 13% compared with a year earlier, and a jump of almost 27% from February 2020, right before the pandemic hit the U.S., their analysis found.

To be sure, listing prices reflect what sellers hope to convince prospective buyers to pay. Sale prices, however, also hit records in February: The median home last month sold for almost $364,000 — a record, according to real estate company Redfin. That's a 16% gain from a year earlier.