My Loan Officer
  • Loading...

New American Focus:
Mortgage & Real Estate

New American Focus: Mortgage & Real Estate

Translating the complexity of the markets into a concise and easy to digest format. Watch videos, read blogs, and view key data on short and medium term trends impacting interest rates, so you can make the right decision for your situation.

Home Prices Keep Climbing at Record Pace

House on coins | Home Prices Keep Climbing at Record Pace

Given that nationwide home prices hit an all-time record in March, it probably won’t come as a shock that home prices rose by a significant amount in the last year. However, a deeper dive into the data shows that the substantial rise in home prices is a truly nationwide phenomenon.

In fact, a new report from the National Association of Realtors shows that 89% of the nation’s major metro areas saw home prices rise by 10% or more in the last year.

Beyond that, the report showed that 99% of all markets saw some form of price increase since the first quarter of 2020.

Overall, the median sales price for an existing single-family home rose by 16.2% from the first quarter of 2020 to the first quarter of 2021. According to NAR’s report, that’s the highest year-over-year growth in home prices since 1989.

Each region of the country also saw double-digit price increases over the last year. The Northeast led the way with a price increase of 22.1%, followed by the West (18%), South (15%) and Midwest (14.4%).

“Significant price increases throughout the country simply illustrate strong demand and record-low housing supply,” NAR Chief Economist Lawrence Yun said. “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.”

The increase in home prices affected higher-cost and lower-cost markets equally.

According to NAR’s report, the 11 markets where home prices rose by the most had median sales prices ranging from the $100,000s to the $600,000s.

The markets where prices rose by the most were:

  • Kingston, N.Y., where home prices rose by 35.5% in the last year to $303,100
  • Bridgeport-Stamford-Norwalk, Conn., where home prices rose by 34.3% in the last year to $580,400
  • Atlantic City-Hammonton, N.J., where home prices rose by 34% in the last year to $277,200
  • Barnstable Town, Mass., where home prices rose by 33.1% in the last year to $567,600
  • Boise City-Nampa, Idaho, where home prices rose by 32.8% in the last year to $422,600
  • Sherman-Denison, Texas, where home prices rose by 29.8% in the last year to $234,800
  • Elmira, N.Y., where home prices rose by 29.1% in the last year to $126,900
  • Austin-Round Rock, Texas, where home prices rose by 28.2% in the last year to $437,900
  • Youngstown-Warren-Boardman, Ohio-Pa., where home prices rose by 27.7% in the last year to $119,500
  • Decatur, Ill., where home prices rose by 27.5% in the last year to $102,400
  • Glens Falls, N.Y., where home prices rose by 27.5% in the last year to $214,600
Mortgage Activity Continues to Increase, Driven by Cash-Out Refinances A recent report showed that cash-out refinances hit a 15-year high in the second … Read »
Interest in Buying a Home Rises to Highest Level Since April With prospective homebuyers finding it a little easier to find a house thanks to … Read »
The Best Time to Buy a Home May Be Right Now It appears there may be an answer to the eternal question of “when is the best … Read »
Mortgage Credit Becoming More Available Newly released data shows that mortgage credit availability increased in August, … Read »

How low will your payment be?