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A “For Sale” sign in front of a home in the Issaquah Highlands area of Issaquah, Washington, on April 16, 2024.
Washington
CNN
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Rising US home prices are heightening the housing affordability crisis for Americans, especially first-time buyers.
The median price of a previously owned home in the US grew 5.7% in April from a year earlier to $407,600, according to data from the National Association of Realtors released Wednesday. That was the fourth consecutive monthly increase and was a record for April prices.
Another gauge of prices by S&P Global has similarly showed that US home-price growth accelerated throughout the beginning of the year, especially in San Diego, Chicago and Detroit.
Housing affordability takes into account prices, household incomes and mortgage rates. Put together, it’s been a difficult time for prospective buyers, though the increase in prices has been a boon for homeowners since it means their wealth has grown.
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