Elevated borrowing costs for home loans is pushing up the monthly outlay buyers have to pay to afford a new home, according to real estate platform Realtor.com, adding another obstacle for first-time homebuyers in their pursuit of property.Home prices went up by $12,500 from April to May, bringing the median listed home to $442,500. A year ago, a home was listed at $441,000.
Properties listed between the $200,000 to $350,000 shot up to nearly 47 percent from a year ago, accelerating further than April's high of 41 percent. Realtor.com said in a statement shared with Newsweek that 'affordable homes continue to enter the market; some much welcomed news for prospective buyers.'But the sector over the last five years has evolved into more of a sellers' market. Compared to May 2019, median list prices are up 37.
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