Home Prices Hit A Record In March
As the economy continues to change, homes are becoming more valuable. The rise of remote work has put greater demand on home space. With 950,000 homes for sale there are 9.5% less that a year ago. The median existing-home price went up 15% from a year ago.
Home buyers across the country have, in many cases, been required to make offers higher than listing prices to get the homes they want. This is discouraging for non-home owners. A year ago 51.6% of them thought they would own a home in the future. Today, that number has fallent to 43.3%. That’s the lowest on record.
Strong demand for new homes has increased building activity. But shortages in labor and material supplies have slowed their activity. As workers get back in the market, home builders supply chains should loosen up.