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Record High Home Prices Amid Shortage in Housing Supply

For the first time in almost two years, home prices in major US metro areas have stopped falling due to a lack of housing supply.

The median home-sale price has either risen or remained steady in all 50 of the largest US metro areas during the four weeks ending April 28, a milestone that has not been seen since July 2022.

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Impact of Low Supply on Rising Prices

Redfin’s report highlights that the low supply of homes is driving prices higher. Despite a 15% increase in new listings compared to the previous year, the number of new listings is still significantly lower than usual for April.

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Median Home Sale Prices Hit Record High

In April, the median home sale price reached $383,188, representing a 4.8% year-over-year increase, according to Redfin’s findings.

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Regional Trends and Mortgage Rates

Anaheim, Calif., saw a 20% year-over-year increase in home prices, while West Palm Beach, Fla., experienced a 13.4% gain. The combination of rising sale prices and current mortgage rates has pushed the median mortgage payment to a record $2,890.

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Challenges for Homebuyers

Rising mortgage rates, which have surpassed the 7% threshold, are causing concerns among buyers, impacting mortgage application activity. However, there is still enough demand to keep prices elevated.

AI legalese decoder can provide valuable insights and guidance on navigating the challenges posed by rising mortgage rates, ensuring that buyers are well-equipped to make informed decisions in a competitive market.

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