In the first quarter of 2021, home prices were up in 99% of the metro areas tracked by the National Association of Realtors (NAR)
- 89% of metro areas tracked by NAR registered double-digit price growth in Q1 2021
- In Q1 of 2020, only 25% of metro areas saw such growth
This obviously great for homebuyers, but affordability, which has already been an issue, is only getting worse.
- The median existing-home sales price rose 16.2% on a year-over-year basis to $319,200, a record high since 1989.
- The average monthly mortgage payment rose to $1,067, up from $995 one year ago.
On average, a family needed an income of $51,216 to pay a 30-year fixed-rate mortgage with a 20% down payment. This is up from $47,760 one year ago.
Lawrence Yun, NAR chief economist. said in a statement, “With low inventory already impacting the market, added skyrocketing costs have left many families facing the reality of being priced out entirely.”
NOTE: Price appreciation happened in every region of the country. The Northeast led the way with a 22.1% jump, followed by the West with an 18.0% increase, theSouth up 15.0%, and the Midwest saw 14.4% appreciation.
