While that has boosted value for many homeowners, it has made buying a home ridiculously hard for buyers.

In 99% of metro areas tracked by the he National Association of Realtors, prices in the first quarter of 2021 increased over the same period last year, according to a NAR report. Nationally, the median sale price for existing homes climbed 16% from the first quarter of 2020 to $319,200, both record highs since NAR began tracking city data quarterly in 1989.

“Significant price increases throughout the country simply illustrate strong demand and record-low housing supply,” said Lawrence Yun, NAR’s chief economist. “The record-high home prices are happening across nearly all markets, big and small, even in those metros that have long been considered off-the-radar in prior years for many home seekers.”

Nearly 90% of metro areas saw double-digit percentage price increases over last year. By comparison, only 25% of areas saw such growth…

Read more…

Share.

Comments are closed.