Home prices across the nation climbed quicker than expected in the month of March, according to S&P/Case-Shiller National Home Price Index as reported to CNB. The average home value rose at a 5.8% annualized rate last month,
While the news comes as a welcome surprise to homeowners, industry experts warn that it could spell trouble for first-time buyers in some markets. Home prices are expected to continue rising as demand far outpaces supply. In fact, the number of for-sale listings is at its lowest level since 1999; with under 1.7 million homes for sale, it would take just 3.6 months to exhaust the market at the current pace of sales. A balanced and healthy real estate market typically carries a 6-month supply of homes.