The medium sales price of existing single-family homes in the U.S increased at an annual rate of 16.2% to $319,000, according to NAR press release. The growth is the highest recorded since 1989.
- 89% of metro areas recorded double-digit increases in home prices as nearly all regions witnessed year over year price jumps in Q121.
- Northeast saw a 22.1% growth in sales prices of existing homes, the West at 18.0%, South at 15.0%, while Midwest had an increase of 14.4%.
- 11 U.S metro areas saw median sales prices of homes range from $100,000-$600,000.
- The most expensive markets also recorded double-digit increases in home prices.
- The rise in existing home sales price reflects strong demand amid record-low inventory of available homes.
Rising home prices pushed monthly mortgage payment to $1,067 from $995 a year ago.
Effective 30-year fixed mortgage rate fell to 2.93% in the first quarter from 3.57% a year ago.
SPDR Homebuilders ETF is currently declining. XHB is down 3.33%