Home prices in the U.S. hit an all-time high earlier this summer, while more and more buyers can no longer afford to purchase a house. The national median price of a home reached $416,000 in June, reflecting a 13.4 percent increase since the same time last year, based on a report from the National Association of Realtors. The cost of homes in Miami jumped the most, up 40.1 percent, followed by Orlando and Nashville, both up 30.6 percent.
Although the inventory of houses has started to increase, many communities still have a shortage of homes on the market. According to some experts, builders have cut back on the construction of single-family homes and focused their efforts on multifamily buildings, likely because they anticipate more people getting priced out of buying and settling for a rental instead.
In what ways have you felt the impact of the tight housing market? If you or someone you know is looking for housing assistance or information, visit our member locator now.