According to a recent study from Redfin, national median home prices reached $370,528 for the month of April. That figure marks a 22% increase year-over-year and is a new record. Redfin chief economist, Daryl Fairweather, commented, “There are simply not enough homes in America for everyone with the desire and means to buy one right now.” Fairweather continued, “Until new construction takes off, over the course of years not months, home prices will continue to increase. The housing boom is nowhere close to being over.”
In addition to record home prices, the number of homes for sale sank to a record low average of only nineteen days on the market. 49% of those homes sold above asking price. Speculation is that the May and June reports will push these records even further. The number of homes sold in April increased 34% from a year earlier. April’s sales-to-list-price ratio was above 100% to a record high of 101.6%. Overall, this report clearly indicates that home buyer demand will continue to push home prices higher for the foreseeable future, as homeowners continue to scoop up all available housing at ultra-low interest rates.
Call your Advisors Mortgage Loan Officer today to discuss the current market in more detail and to learn what you qualify for.