Property values surged last month in the nation's largest metropolitan areas in the wake of a number of economic improvements across the country.
Real estate data from RE/MAX indicates that home prices in the 53 largest cities increased 5.8 percent in March from a year earlier. It was found that after this spike, the median selling price of a home in these areas was $184,525. This is now the second consecutive month that home prices have risen.
"With buyers starting to jump into this market, this year's selling season is shaping up to be the strongest we've seen in years," said RE/MAX CEO Margaret Kelly. "Although we don't expect home prices to rise in every market at the same rate, the worst is definitely behind us, and a slow, steady recovery is taking hold."
Despite the rise in property values, housing affordability is still close to its all-time high. This measurement of the relationship between home prices, median household incomes and average mortgage rates surged to a new high during the first quarter this year, which could provide a number of options for prospective buyers hoping to make the transitions to homeownership in the coming months.