Home Prices Climb 16.2%: Median Home Sale Price Is Now $319,200

The median existing single-family home price rose 16.2% in 2021's first quarter compared to the previous year, according to the National Association of Realtors. Despite the fact that mortgage rates are sitting at competitive levels, many buyers today are still unable to afford a home. Not only has the cost of existing homes risen substantially, but new construction homes are costing about $36,000 more on average due to an increase in lumber prices.