Anaheim, California – In a remarkable turn of events, home prices across all major metro areas in the United States have stopped their downward trend due to a significant shortage in housing supply. According to a recent report, the median home-sale price has either risen or remained steady in all 50 of the largest US metro areas for the first time since July 2022.

The rise in home prices can be attributed to the low supply of housing, with new listings only showing a 15% increase compared to the previous year. Despite this increase, the number of new listings still remains below typical April levels. As a result, the median home sale price reached a record high in April, topping at $383,188, marking a 4.8% increase year-over-year.

Regionally, Anaheim, California, saw a significant surge in home prices, rising by 20% year over year, while West Palm Beach, Florida, experienced a 13.4% increase. Combined with current mortgage rates, the median mortgage payment soared to a record $2,890, up nearly 15% from the previous year.

Mortgage rates have also been on the rise, surpassing the 7% mark. The rate on a 30-year fixed-rate mortgage climbed to 7.22% recently. Despite this increase, the Federal Reserve announced that it will maintain its benchmark rate, indicating that mortgage rates are likely to remain stable in the near future.

Data from the report also revealed that the median asking price for a home reached a record high of $420,450, the largest increase since September 2022. These elevated costs have posed challenges for homebuyers during the spring home-buying season, with some agents noting a decline in mortgage application activity due to the spike in rates.

While the recent surge in mortgage rates has deterred some buyers, there are still enough interested parties to keep prices at elevated levels. The ongoing imbalance between supply and demand continues to impact the housing market, making it a challenging environment for both buyers and sellers alike. As the housing market landscape evolves, industry experts are closely monitoring the trends to assess the long-term implications on housing affordability and market stability.