Real estate is only beginning to heat up as the spring season kicks into gear – and homebuyers may be in for a bit of a shock.
According to the latest quarterly report from the National Association of Realtors, almost every metro area saw year-over-year home price increases in the first quarter. The median single-family sales price has soared to $319,200, which is an annual increase of 16.2% – a record high.
NAR’s chief economist, Lawrence Yun, comments: “The sudden price appreciation is impacting affordability, especially among first-time home buyers. With low inventory already impacting the market, added skyrocketing costs have left many families facing the realities of being priced out entirely.”
The average monthly mortgage payment increased to $1,067, which is up from $995 only a year ago.
What metro areas saw the highest price increase? NAR’s report listed the top 11 areas with median sales prices ranging from $100,000 to $600,000:
- Kingston, NY: up 35.5% annually
- Bridgeport-Stamford-Norwalk, Conn: 34.3%
- Atlantic City-Hammonton, N.J: 34%
- Barnstable Town, Mass: 33.1%
- Boise City-Nampa, Idaho: 32.8%
- Sherman-Denison, Texas: 29.8%
- Elmira, N.Y.: 29.1%
- Austin-Round Rock, Texas: 28.2%
- Youngstown-Warren-Boardman, Ohio-Pa: 27.7%
- Decatur, Ill: 27.5%
- Glens Falls, N.Y.: 27.5%
Continue reading the NAR’s report, here.