Press release
Home Prices Hit an All-Time High of $370,000 in March, Realtor.com® Housing Report Shows
For every 10 homes for sale last year, there are less than five today - The number of homes on the market is 52% lower than last year - Despite some
About this update from News Corporation
[{"type":"text","content":"For every 10 homes for sale last year, there are less than five today\n - The number of homes on the market is 52% lower than last year\n - Despite some improvement, 117,000 fewer homes are being listed each month compared to recent years\n - The typical home is selling in 54 days, nearly a week faster than a year ago\n\n\nSANTA CLARA, Calif., April 1, 2021 /PRNewswire/ -- Finding a home is only getting more difficult for this spring's home buyers who in addition to having more than 50% fewer homes to choose from are facing the double whammy of record-breaking prices and rising interest rates, according to the realtor.com® Monthly Housing Trends Report released today. And while more choices and slowing price growth may come to those who wait, mortgage rates will likely continue to creep up.\n\"In many areas of the country, there are half as many available homes for sale than a year ago -- and in some markets that number increases to less than one-third. For a buyer, that means if they had 10 homes in their price range to choose from last year, they have less than five, perhaps as few as three, available to them today,\" said realtor.com® Chief Economist, Danielle Hale. \"As a result, home prices have skyrocketed, shattering previous records. We expect to see more sellers emerge in the weeks ahead, which should give buyers more options. Homes will likely continue to sell fast, but increasing interest rates and monthly costs could slow the pace of price gains, unless we see a boost in demand from equity-rich repeat buyers.\"\nIn March, the median national home listing price grew to $370,000, up 15.6% over last year and a new all-time high, according to realtor.com® records, which date back to 2012. Listing prices in the 50 largest metros grew by an average of 12.1% year-over-year with some markets seeing listing prices grow by nearly triple that amount. Topping the list was Austin where listing prices were up 39.8%, followed by Buffalo, N.Y. (+28.3%) and Los Angeles (+24.8%).\nFor a buyer putting 20% down, the monthly cost (principal and interest) of the typical March listing financed with a fixed-rate loan over 30 years was $1,260 as a result of rising home prices and rising interest rates, which averaged 3.08% in the month, according to Freddie Mac. Comparatively, the monthly cost was $1,160 in February and $1,140 in March 2020....