Strong buyer demand this spring is pushing home prices up at double the rate of increase in income growth, The Wall Street Journalreports. The median price of an existing home for all housing types was $236,400 in March, up 6.8 percent from a year ago, when it was $221,400, according to the National Association of REALTORS®. Incomes, meanwhile, increased 3 percent in February from a year earlier, according to the Labor Department.
Home prices are nearly 40 percent above where they were at the bottom of the housing crash in February 2012, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index. Some markets are seeing even more increases. In Dallas, home prices have surged nearly 53 percent from their low and are now 35.5 percent above their previous high. In Denver, home prices are 59 percent above their low and are 36.5 percent above their previous high.