Home prices surged in almost every corner of the U.S. in the second quarter as robust demand continued to overwhelm the supply of homes for sale. There is a homebuying frenzy . The median sales price for single-family existing homes was higher in the second quarter compared with a year ago for 182 of the 183 metro areas tracked by the National Association of Realtors, the association said Thursday. In 94% of those metro areas, median prices rose by more than 10% from a year earlier. Nationwide, the median single-family existing-home sales price rose 22.9% in the second quarter to $357,900 from a year ago, a record in data going back to 1968, NAR said. Home prices have climbed in the past year as low interest rates and increased remote work spurred new homebuying demand.

Does this information indicate a change in demand OR a change in quantity demanded, and why? Does this information indicate a change in supply OR a change in quantity supplied?