Home Shortage Heightens Appeal of Apartments, SFR

Bidding wars were the norm in March as the supply of new and existing homes remained at historic lows and prices soared, according to a recent analysis from Marcus & Millichap.

The median cost of an existing home increased 3% in March alone to $342,400, a price that shatters previous records. Prices have gone up 18.4% over the last year, the fastest pace of growth since the 1960s, causing the average monthly payment for a 30-year loan to tick up to $1,926.