The median existing-home sales price rose 16.2% in April from the year before, to $319,200, the report said - the highest it's been since 1989. 'With low inventory already impacting the market, added skyrocketing costs have left many families facing the reality of being priced out entirely.' 'The sudden price appreciation is affecting affordability, especially among first-time home buyers,' Yun said in the report. In April, active listings in the US were down 53% compared with the same time last year, and that's dooming prospects for aspiring buyers - especially if they're new to homeownership, like millennials. The reason for the soaring prices is simple: Demand for new homes, fueled by pandemic desires and low mortgage rates, is outweighing the paltry supply of properties for sale. 'The record-high home prices are happening across nearly all markets, big and small, even in those metros that have long been considered off-the-radar in prior years for many home seekers,' Lawrence Yun, NAR's chief economist, said in the report. The National Association of Realtors (NAR) found that home prices increased in 99% of the 183 US metropolitan areas it tracked during the first quarter of 2021 - and a stunning 89% of those places recorded double-digit jumps.

Housing prices in nearly every pocket of US are rising.

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Experts predict home prices will continue to shoot up at double-digit rates until 2022.

The 11 areas where prices rose the most included hot spots like Austin, Boise, and upstate New York.

Almost every single US metropolitan area saw home prices increase during the first quarter of 2021.Account icon An icon in the shape of a person's head and shoulders.

Boise housing bubble 2021