The second quarter of 2019 saw 91% of housing markets with increased home prices. As a result, affordable housing is becoming more difficult for prospective home buyers.
"The national median existing single-family home price increased 4.3% annually to $279,600 in the second quarter of 2019, according to the National Association of Realtors," reported HousingWire.
According to the report the NAR suggests new home construction is greatly needed as new home construction fell in the first quarter of the year. Naturally the increase in home prices will cause a greater slowdown in home sales, making it quite tough for professionals in the mortgage industry.
"Housing unaffordability will hinder sales irrespective of the local job market conditions," said NAR Chief Economist Lawrence Yun.
"This is evident in the very expensive markets as home prices are either topping off or slightly falling."
To learn more about the increase in home prices for 2019's second quarter, click on the image above.