For the first time in three years, home inventory increased, but home prices climbed to a new all time high by half a million dollars.
According to National Mortgage Professional, “While this real estate refresh is welcome news in a still-undersupplied market, it has yet to make a dent in home price growth,” Hale said. “Importantly, as 72% of this year’s sellers also plan to purchase a home, seller expectations will likely start to reflect buyers’ needs.”
The median house price also trended upwards, reaching an all time high of $447,000 after recently crossing the $400,000 threshold in March. The prices rose at a faster year-over-year pace of 17.6% than last month’s 14.2%.