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Redfin found that the average home price soared a record 21% in April to a new high of $348,500.Experts said this price increase could be due to lumber shortages amidst high demand for houses.As demand for houses as far exceeded housing inventory during the pandemic, the average price of a home soared a record 21% in April compared to the same time last year, according to a Fridayfrom Redfin, a real estate brokerage.
"Right now we are seeing a substantial increase in home prices, which could be a precursor to more widespread inflation throughout the economy," Redfin's chief economist, Daryl Fairweather, said in the report. "These price increases will likely be short-lived, but could cut into homebuyers' budgets and ease competition enough for the housing market to become more balanced. A more balanced market could encourage more move-up homeowners to finally sell, because they won't be so fearful about being able to find and compete for a home to buy," she added.
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