The median existing home price has climbed to $252,800, according to the National Association of Realtors, exceeding the peak hit in June 2016 of $247,600.
At this point, home prices have been rising every month for more than five years.
Cities across the U.S. are facing major housing shortages, which means buyers have to compete for homes with bidding wars and offers well above asking price.
Prices are moving up and properties are moving quickly.
But there has been one saving grace for buyers: mortgage rates.
Even though the Federal Reserve has begun raising interest rates, mortgages have been hovering around 4% recently. With the Fed raising rates, interest rates are expected to gradually rise over time, but should stay pretty low for the foreseeable future.
Todd Probasco Mortgage Banker 708.205.2983 toddprobasco@gmail.com www.toddprobasco.com
