The meteoric rise in home prices isn’t slowing down. The national median home list price hit $370,000 in March—a new record high, according to a recent realtor.com® report. The increase in prices, a 15.6% increase over last year, is a direct result of the severe shortage of properties on the market just as first-time and trade-up buyers seeking larger homes have flooded the market.
There were only half as many homes for sale in March as there were at the same time last year—when the country was already suffering from a gaping dearth of homes for sale. That translates to about a 52% decline year over year, or about 117,000 fewer homes going up for sale each month, compared with recent years. That’s partly a result of sellers holding off on listing during a worldwide health crisis and builders who haven’t been able to keep up with the demand.
To read more, check out the full article here: https://www.realtor.com/news/real-estate-news/home-prices-hit-new-all-time-high/