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Data released by the Radian Home Price Index shows home prices across the United States rose at a rate of 9.3% for the first quarter of 2021 and rose 8.8% compared to the previous year. March’s year-over-year increase was slightly higher than February’s 8.3% increase in HPI. Overall, the increase in HPI shows the upward trend in annualized yearly gains thus far in 2021.
The HPI is calculated by the estimated values of more than 70 million addresses each month, covering all single-family property types.
According to national data trends, median home prices in the U.S. rose to $274,256 in March from the $272,186 recorded in February. Distressed sales in March 2021 represented just 4.4% of all sales. This marks the ninth month in a row of sub-5.0% market share for distressed sales, a reflection of the continued impact of forbearance measures and foreclosure moratoriums in effect nationally.
"There has been no taking the foot off the pedal this winter season as home prices during the first quarter continue to grow," said Steve Gaenzler, senior vice president of data and analytics.
However, the volume of active listings continues to shrink, with the quarterly average nearly as low as the fourth quarter in 2007.
Gaenzler added, "While we anticipate many potential sellers to reconsider listings postponed during COVID, there still remains a natural shortage of home supply across the U.S., and a similar set of first time buying millennials and other buyers, sidelined last year as well."
Click here to read more from Radian's Home Price Index.