In early 2021, U.S. home prices continue to rise to new all-time highs in nearly every major metropolitan area in America.
In 99% of urban areas in the first quarter of 2021, prices rose from the same period last year, according to a report by the National Association of Realtors. Nationally, the median selling price of existing homes rose 16% from the first quarter of 2020 to $ 319,200, a record high since 1989.
“The significant rise in prices across the country is simply evidence of high demand and record low supply of housing. Nearly all markets, large and small, are experiencing record high house prices, even in cities that have been considered out of sight for many housing seekers in previous years, ”said Lawrence Yun, NAR's chief economist.
Areas with the highest price increases are not necessarily the most expensive, but these are areas where demand is driving home prices up faster. In addition, the sale of larger, more expensive homes could increase the average price, especially in smaller areas, NAR experts say.
Decatur, Illinois, has become one of the places where prices have risen the most, at 28%. The most expensive area in the country is still San Jose, California, with an average home sales price of $ 1.5 million.