Home Buyers May Face Sticker Shock This Spring | Realtor Magazine.
As the spring market heats up, more buyers are finding higher home prices than they may have expected, CNBC reports.
“People quite frankly came out and got sticker shock … they picked up the price sheet and saw, ‘Wow, that’s way more than I thought’ because home prices had gone up so much in 2013,” Brad Hunter, chief economist at Metrostudy, told CNBC.
Existing-home prices were up 9.1 percent in February above year ago levels, according to the National Association of REALTORS®. Meanwhile, incomes are up just 2.1 percent from a year ago, according to the Bureau of Labor Statistics.