Home prices keep making strong gains with almost every major metro area in the U.S. seeing a year-over-year home increase in the first quarter. Those gains were in the double-digits in 89% of those metros areas too, the National Association of Realtors reported Tuesday.
Nationwide, the median existing single-family home price jumped to $319,200, up 16.2% from a year ago and the highest since the NAR began keeping records in 1989.
NAR Chief Economist Lawrence Yun said the price increases illustrate the ongoing strong demand and low supply of houses across the country.
“The record high home prices are happening across nearly all markets, big and small, even in those metros that have long been considered off the radar in prior years for many home seekers,” Yun said.
Home sellers are of course benefiting, but that only happens if they don’t need to buy a new home too. Buyers face big challenges, with the average national monthly mortgage payment rising…