Home prices in the United States have climbed to a record high following a nationwide supply shortage, according to real estate brokerage Redfin.
“The median U.S. home sale price rose 6.2 percent year over year in April to $433,558—the highest level on record,” said a May 17 Redfin press release. Even though the housing market at present is “much slower” than it was during the COVID-19 pandemic when there was a homebuying boom, prices continue to climb owing to a housing shortage. While new listings in April rose by 10.8 percent year over year, it was still around 20 percent below the pre-pandemic level.
