Home Shortage Heightens Appeal of Apartments, SFR
GlobeSt | May 6, 2021
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.