Median home prices for previously inhabited houses reached $252,800 in May; a 3.2% increase since April and a 5.8% increase since May of 2016. However, the increase in home prices has done nothing to lessen home sales with first-time home buyers making up a third of home sales. Currently, homes are staying on the market for only 27 days, the shortest period since NAR began tracking sales in May of 2011. As costs continue to increase experts suspect lower income individuals will be priced out of the market and prices will come down eventually.
Home purchases are on the upswing across the nation. The most expensive homes are in the West with median home prices as high as $368,800 and the Northeast was not much better at $281,300. Southern states were slightly more affordable at $221,900 but the Midwest is currently the most affordable region at $203,900. However, the price increase in the Midwest was also the steepest across the country- up 6.9% since May 2016.
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