Homeowners, never fear – equity is here!
The first quarter brought great news to homeowners, as they saw an increase of nearly 4% in equity. Single-family home prices rose in 86% of measured markets as well.
Current homeowners are seeing the benefits; however, those who are looking to enter the housing market might find it more difficult.
With higher prices come affordability issues.
For example, to purchase a single-family home at the current national median price, a buyer will need to have an income of $56,978 to place a 10% down payment.
NAR’s Chief Economist, Lawrence Yun, strongly believes the housing industry needs to add more affordable housing to help with price gains and potential buyers wanting to enter the market.
Although affordable housing is the top priority on experts’ minds, there does seem to be a light at the end of the tunnel. More homes have been put up for sale than a year ago – there has been a 2.4% increase from 2018.