Potential homebuyers have found themselves up against a serious roadblock recently, as the median sale price of used homes soared 7.5 percent over the last year to $202,600 in February.
Meanwhile, as Lawrence Yun, chief economist at the National Association of Realtors, pointed out, wages have only risen about 2 percent.
So while rising home prices are potentially good news for homeowners looking to sell, Yun warns that “for people who want to buy a home it is becoming more difficult.”
Image via flickr/American Advisors Group
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