The United States is on track for the hottest housing market since 2006.

According to the National Association of Realtors, the median existing-home price in November was $353,900 — a 13.9% increase since November 2020. Year-over-year home prices have therefore risen for 117 straight months — the longest streak on record.

“Determined buyers were able to land housing before mortgage rates rise further in the coming months,” NAR chief economist Lawrence Yun explained. “Locking in a constant and firm mortgage payment motivated many consumers who grew weary of escalating rents over the last year. Mortgage rates are projected to jump in 2022, however, I don’t expect the imminent increase to be overly dramatic.”