Home prices across the United States have hit an all-time high, meaning more Americans are losing their buying power and fewer Americans are able to find affordable homes.
The median price of a home in the U.S. skyrocketed to a record $392,000 in February, according to a report from Realtor.com.
Housing prices grew at an “unusually fast” pace of 12.9%, according to the report, which also forecasted this year’s homebuying season in the spring will be very competitive.
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In New Jersey, there are at least 34 cities where the average home price exceeds $1 million.
“February’s new record high for the median listing price places housing affordability front and center for this year’s real estate markets, especially as we gear up for the spring season,” Realtor.com chief Danielle Hale told Insider.
Market trends suggest the increase in home prices could continue through the spring, which is traditionally the hottest buying season of the year.
Meanwhile, those earning around or less than the median income in the U.S., which is about $67,000 according to the U.S. Census, could be priced out because of inflation, rising mortgage rates and a lack of housing supply.
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Katherine Rodriguez can be reached at krodriguez@njadvancemedia.com. Have a tip? Tell us at nj.com/tips.