Real Estate Trends
In many large cities such as Boston home prices have gone up 89 percent, while incomes have increased only 22 percent.
Even with a downturn in the real estate market looming on the horizon, home sales are still headed for another record year.
The first sector to show slowing is the high-end home market. Low interest rates are the only continuing positive trend of the housing market. Low rates average now less than 6 percent for 30-year fixed-rate loans, the lowest since the 1960's.
The median price of a home listed in February jumped 7 percent annually to $294,800, according to Realtor.com.
The increase came as the number of listings rose 6 percent, with an additional 73,000 listings compared with a year ago.
The supply of homes for sale is finally rising, but fewer buyers are able to afford these homes. That could result in a much slower spring market.
Spring is usually the high season for housing, but high home prices have been taking their toll for months. Sellers are often times pricing a bit on the higher side resulting in multiple price adjustments.
The median price of a home listed in February jumped 7 percent annually to $294,800, according to Realtor.com. The price increase came as the number of listings rose 6 percent, with an additional 73,000 listings compared with a year ago.