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Current State of Home Prices in the US

For the first time in nearly two years, home prices in major metro areas across the US are showing signs of stabilization, with a shortage in housing supply contributing to the trend.

A recent report by Redfin revealed that the median home-sale price either rose from the previous year or remained flat in all 50 of the largest US metro areas during the four weeks ending April 28. This marks the first time this has occurred since July 2022.

The report highlighted that the low supply of homes is driving prices higher, with new listings up 15% compared to the previous year. Despite this increase, new listings are still significantly below usual April levels, with fewer listings this April than in any year except for 2023 and 2020.

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Record-Breaking Home Prices and Mortgage Rates

The median home sale price hit a new record in April, reaching $383,188, reflecting a 4.8% year-over-year increase. In specific regions, home prices surged even higher, with Anaheim, Calif., experiencing a 20% year-over-year increase and West Palm Beach, Fla., seeing a 13.4% gain.

Combining these elevated sale prices with current mortgage rates has pushed the median mortgage payment to a record $2,890, up nearly 15% from the previous year. Mortgage rates have surpassed the 7% threshold, with the rate on a 30-year fixed-rate mortgage climbing to 7.22% as of Thursday, according to Freddie Mac.

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Impact on Homebuyers and Market Outlook

The soaring costs of homes have presented challenges for homebuyers during the spring home-buying season. Some agents have noted that the recent increase in mortgage rates has deterred buyers and affected mortgage application activity. Despite these challenges, there is still strong demand from buyers, supporting the continuation of elevated prices in the housing market.

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