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The prices homebuyers in the U.S. are paying to buy a home has risen for the last six consecutive months according to a new report. Sale-prices climbed 6.7 percent in January on a yearly basis in 217 of the major metropolitan markets tracked by online real estate site Redfin. The most affordable markets continue to experience the biggest gains in home prices according to the report.
The median sale-price in the U.S. has reached $306,400. Low inventory levels have led to a spike in home prices. In San Diego, the median home sale price was $600,000 as of last month, a 3.4 percent monthly increase and 8.1 percent higher than in January 2019. Active listings in the region fell by 11.4 percent, the biggest decline since March 2013.
Meanwhile, no-point conforming 30-year fixed mortgage rates are averaging 3.5 percent and 15-year rates are near 3.0 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.