U S Home-Price Growth Accelerated in March — Update
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U S Home Prices Push to Record High, Slowing Pace of Purchases
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Provided by Dow Jones
By Nicole Friedman The nationwide house-buying frenzy eased in April, as home prices climbed to new highs and the supply of available properties remained low. Existing-home sales fell 2.7% in April from March to a seasonally adjusted annual rate of 5.85 million, the third straight monthly decline, the National Association of Realtors said Friday. April sales rose 33.9% from a year earlier, when Covid-related lockdowns caused a sharp drop in home sales. Economists surveyed by The Wall Street Journal expected a 0.2% monthly increase in sales of previously owned homes, which make up most of the housing market. Home sales have boomed in the past year as historically low mortgage-interest rates and a wave of millennials entering their prime homebuying years spurred strong demand. But buyers are competing for a limited number of homes for sale, and fast-rising house prices are pushing some prospective homeowners out of
Provided by Dow Jones
By Nicole Friedman U.S. home prices rose nearly everywhere in the first quarter, a rapid price appreciation that shows little sign of fading soon with limited housing inventory and robust demand. The median sales price for existing single-family homes was higher in the quarter compared with a year earlier for 182 of the 183 metro areas tracked by the National Association of Realtors, the group said Tuesday. In 89% of those metro areas, median prices rose by more than 10% from a year earlier. This week s price data was the latest confirmation that the pandemic continues to reshape how and where many Americans want to live. Remote work prompted buyers to seek out more space, while pandemic-related restrictions made vacation houses more desirable, real-estate agents said.