Published by Breitbart | May 21, 2021
Home prices across the U.S. are soaring as supply remains low and demand for housing has skyrocketed, squeezing first-time buyers.
The median existing-home price for all housing types in April was $341,600, up 19.1 percent from April 2020 when the median price was $286,800, the National Association of Realtors said. This is the highest price on record and beats last month’s record-breaking 17.2 percent annual gain. This marks 110 straight months of year-over-year gains.
“First-time buyers in particular are having trouble securing that first home for a multitude of reasons, including not enough affordable properties, competition with cash buyers and properties leaving the market at such a rapid pace.”
—Lawrence Yun, NAR Chief Economist.
The median existing single-family home price was $347,400 in April, up 20.3 percent from April 2020. Both the price level and the pace of gains hit historic highs, surpassing last month’s record-breaking 18.4 percent gain to $334,500.
Total existing-home sales—completed transactions that include single-family homes, townhomes, condominiums and co-ops—fell 2.7 percent from March to a seasonally adjusted annual rate of 5.85 million in April. In March, sales fell 3.7 percent from February 2021, to a 6.01 million seasonally adjusted annual rate.
The year-over-year comparisons in sales volumes are skewed by last year’s lockdowns, which all but shut down the market. Sales are 33.9 percent above the 2020 level but only 11 percent above the 2019 level.