Home prices reached all-time high in April

NAR data shows that the median sale price for U.S. homes reached a record $341,600 in April, a 19 percent jump from April 2020. Homes also sold at record speed, with just a median of 17 days on the market. Low inventory and relatively low interest rates are helping push prices higher, as is the increasing number of all-cash buyers, according to NAR. This is creating tough conditions for lower-income and first-time buyers. While interest rates remain low, and construction stagnates with higher costs and fees, the industry looks poised to live with these conditions for at least the next year or two.