For the first time in nearly two years, home prices aren’t falling in any major metro area in the US amid a shortage in housing supply.
According to a report by Redfin, the median home-sale price rose from a year earlier or stayed flat in all 50 of the biggest US metro areas during the four weeks ending April 28, the first time that has happened since July 2022.
Redfin noted that low supply is driving prices higher. “New listings are up 15% year over year, but they’re still well below typical April levels: There were fewer new listings this April than any year on record except 2023 and 2020.”
The median home sale price hit a record in April, reaching $383,188, Redfin found, a 4.8% increase year-over-year.
Regionally, Anaheim, Calif., home prices took the lead, rising 20% year over year, while West Palm Beach, Fla., gained 13.4%. Sale prices combined with current mortgage rates pushed…
