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U.S. home price growth hit a record in April

Home price growth hit a record high in April as buyers competed for a limited number of homes for sale.

The S & P Core Logic Case-Shiller National Home Price Index, which measures average home prices in major metropolitan areas across the country, rose 14.6% in the year ended April, up from 13.3% per annum the previous month. April recorded the highest annual price increase since the index was launched in 1987.

Mortgage rates have skyrocketed in recent months due to low interest rates and strong demand. Continued shortage of homes for sale.. Many homes receive multiple offers and sell above the asking price. Soaring home prices are widespread throughout the United States, affecting buyers and sellers in big cities, suburbs, and small towns.

Median pre-owned home sales prices in May rose almost 24% year-on-year. Over $ 350,000 for the first time, The National Association of Real Estate Agents said earlier this month.

Prices are rising faster than during the housing boom of the early 2000s, but the market is Less prone to recession, The economist says. Ultra-low mortgage rates mean that typical homebuyers’ monthly payments aren’t rising as fast as typical home prices.

U.S. home price growth hit a record in April

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