WASHINGTON — U.S. Home Prices increased at their quickest rate since 2005 April, as purchasers competed for a limited supply of available houses.
Since the outbreak of the epidemic, many Americans have chosen larger homes in the suburbs rather than apartments or smaller homes in cities. Rising demand has resulted in an unprecedented rise in housing prices, which has been aided by historically low borrowing rates. The price increases have been so significant that house sales have slowed as more potential purchasers have been priced out of the market.
In April, the index’s 20 cities all recorded greater year-over-year price increases than the prior month. On 30-year records, five cities — Charlotte, Cleveland, Dallas, Denver, and Seattle — had the greatest 12-month price hikes.