The average list price for a home in the U.S. has reached $300,000 for the first time according to Realtor.com’s Housing Trend Report.
“The typical U.S. home list price has set a new high right on the cusp of the spring homebuying season,” said Realtor.com Chief Economist Danielle Hale. “Home prices will likely continue to set new records later this year.”
Despite recent increases in the supply of homes for sale, housing shortages continue to drive up prices. With much speculation that conditions are shifting towards favoring buyers, many sellers are taking a wait-and-see approach when considering listing their home.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.125 percent, 15-year rates are near 3.625 percent and the 5-year ARM is averaging 4.00 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.