Home Prices Hit All-Time High, Report

Home Sweet Home Welcome Mat, Moving Boxes and Plant on Hard Wood Floors.

Finding a home is only getting more difficult for this spring’s home buyers, who in addition to having more than 50% fewer homes to choose from are also facing the double whammy of record-breaking prices and rising interest rates.

According to a recent report by realtor.com, the median national home listing price in March grew to $370,000, up 15.6% over last year and a new all-time high. Listing prices in the 50 largest metros grew by an average of 12.1% year-over-year with some markets seeing listing prices grow by nearly triple that amount. 

In the Phoenix Metro area, the median listing price for a home was $477,000, which was a 17.8% year-over-year increase. However, there were 62.4% less active listings on the market during this same period, with new listings down 25.5%. Valley homes up for sale were generally on the market for a median of 21 days, which was 22 days less year-over-year.

Click here to read the realtor.com Monthly Housing Trends report.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts