Homebuyers have seen the cost of buying a home double in the last three years – here's where they paid the most, according to a recent report by the National Association of Realtors.
Home prices have risen in 86% of the metro areas nationwide, bumping the national median single-family existing home value up 3.5% from a year ago to $391,700.For buyers in the market currently, it means home prices have doubled. Compared to one year ago, the national median single-family existing-home price grew 3.5% to $391,700. In the prior quarter, the year-over-year national median price increased 2.2%.
Yun said the lack of inventory is one reason home prices have risen continuously nationwide."Sales were restrained due to limited inventory," Yun said. "But increased homebuilding, along with lower mortgage rates, will not only improve housing affordability but also help bring more homes onto the market in 2024."If you're looking to become a homeowner, you could still find the best mortgage rates by shopping around.
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