June 20, 2021
Real Estate

Home prices just smashed another record

The median sale price was a record $341,600 in April, according to a report from the National Association of Realtors. It was the highest median price since NAR began tracking this data in 1999. The median price, which includes existing single-family homes, townhomes, condominiums and co-ops, was up a record 19% from a year ago.

Looking only at single family homes, prices were up 20% from last year, the fastest price appreciation since NAR began tracking those prices in the early 1970s.

Homes are selling in a record fast 17 days, according to NAR, and an overwhelming 88% of homes sold in April were on the market for less than a month.

Stiffer competition, especially from a growing number of all-cash buyers, is squeezing many first-time buyers out of the market.

“First-time buyers in particular are having trouble securing that first home for a multitude of reasons, including not enough…

Read full article here: www.cnn.com