Home prices in the U.S peaked in July 2006 during the housing bubble. This was before plunging to new lows in a crash that remained till 2012. However, right now they are once again reaching new peaks. In March of this year, home prices in the U.S soared to a 13.2 percent YoY increase. That marked the 10th consecutive month of rising home prices nationally.
The price increase in March marked the highest YoY gain in one month since December 2005. In December of last year, home prices had reached their fastest level of growth in six years. However, prices continued to increase further.
This increase was caused by many factors. For starters, the pandemic caused many people to look for more space, and inventory has been limited in a lot of markets. In addition, low interest rates have also been an incentive pushing buyers to look into homeownership.
Across the nation, the median sale price of existing homes rose by 16.2% annually in the first quarter of 2021. In fact, it reached the highest level since 1989. This same trend continued in April, whn the price jumped 19% YoY.
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