NEW YORK — It’s taken 11 years, but home prices have finally climbed back to pre-crash levels.
The median home price in the U.S. was $231,000 last month, according to a report from ATTOM Data Solutions (formerly RealtyTrac). That’s 9% higher than a year ago and 1% above the previous record of $228,000 hit in July 2005.
Median home prices have be rising on a national level every month for more than four years, and it’s created an affordability issue in many housing markets.
Last month, sellers sold their homes for an average of $41,000 more than their purchase price.
“It’s really upping the ante against buyers,” said Daren Blomquist, senior vice president at ATTOM.
Wages have remained relatively stagnant since the financial crisis while lenders have become more stringent with their borrowing terms.
Rents have also been on the