Housing prices in the U.S. reached another record high in April, marking the 110th straight month of year-over-year gains, according to the National Association of Realtors.
In April, the last date for which data was available, the median existing-home price for all housing types was $341,600, NAR officials said Friday in a news release. The price is 19% higher than those seen one year ago, when the median existing-home price was $286,800.
The median price for April 2021 is the highest reported by NAR since the group began tracking the numbers in 1999, according to CNN.
Lawrence Yun, chief economist for the group, told NPR that the numbers were “incredible.” He said that on average, homes are getting 5.1 offers, and some are even getting as many as 30 bids.
“I have not really seen it, even during the housing market bubble days,” Yun told NPR. However, he added that current mortgage underwriting standards mean that the U.S. is not experiencing the same trend it did during the housing bubble. Instead, Yun said, prices are being driven by a shortage of homes for sale.
“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,” he said Friday in a news release.
Officials with NAR expect that more homes will come onto the market as more people become vaccinated against COVID-19, making potential sellers more comfortable about listing and showing their homes.
“The additional supply projected for the market should cool down the torrid pace of price appreciation later in the year,” Yun said.
At the end of April, total housing inventory nationwide was at 1.16 million units, up about 10% from the number for sale last month, but down about 20% from the amount of homes available in April 2020, according to NAR.
Cox Media Group