Home prices nationwide have just broken yet another record, with the national median listing price soaring to $405,000 for the first time ever, according to a recent Realtor.com® report.
This price is up 13.5% compared with this time last year—and up a whopping 26.5% compared with March 2020, when COVID-19 was officially declared a pandemic.
And yet even as the novel coronavirus recedes and spring’s homebuying season heats up, buyers are frustrated to find that there simply aren’t enough houses for sale.
“Home prices continue to rise because housing demand outpaces housing supply,” says Danielle Hale, chief economist of Realtor.com. “And the way the market balances that is by pushing prices up.”
Indeed, the number of active listings nationwide in March was down 18.9% from a year earlier—and down a whopping 62.3% from two years ago. That means that for every five homes that were for sale in March 2020, today there are just two.