These are the hottest housing markets in America

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If you’re in the market for a new home, there’s new data that could explain why you might have a hard time finding the perfect house or condo in your price range.

That’s because the median price of a home sold in the U.S. hit an all-time high in June.

Read more: This one mistake is costing home sellers more than $2,000

Home prices hit an all-time high

According to ATTOM Data Solutions, single family homes and condos sold for a median price of $231,000 in June 2016, which is up 9% from a year ago. The previous peak was $228,000 in July 2005.

Want a simple explanation for why this is happening? Mortgage rates under 4%.

‘The all-time home price highs nationwide and in many local markets are being enabled by historically low mortgage rates — which are falling once again this year,’ said Daren Blomquist, senior vice president at ATTOM Data Solutions.

About a third of the 130 metro areas analyzed for the report reached all-time home price peaks in June, a remarkable turnaround from the bottom of the housing crisis in 2012.

Read more: Tips for first-time homebuyers

Here’s a snapshot of what’s going on nationwide:

Where home prices are peaking

  • Dallas – $240,156
  • Atlanta – $192,000
  • Seattle – $385,000
  • Minneapolis – $235,950
  • St. Louis – $190,209

Strongest year-over-year increase

  • Salisbury, Maryland – Up 22%
  • Pensacola, Florida – Up 21%
  • Tampa, Florida – Up 20%
  • St. Louis – Up 19%
  • Boulder, Colorado – Up 19%

Home sales prices up at least 10%

  • Orlando – Up 13%
  • Phoenix – Up 12%
  • Austin, Texas – Up 12%
  • Portland, Oregon – Up 12%
  • Denver – Up 11%

Where home prices are falling

  • Bridgeport, Connecticut – Down 6%
  • Allentown, Pennsylvania – Down 4%
  • Columbus, Ohio – Down 3%
  • Houston – Down 2%
  • Milwaukee – Down 1%

What this means for home buyers and sellers

According to the study, home sellers in June sold for an average of $41,000 more than they purchased for, a 22% increase in price on average. 

This is obviously exactly what you want to hear if you’re planning to sell your home soon.

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However, the downside to this rapid appreciation is that first-time buyers are getting priced out of the market, especially in locations where jobs are plentiful.  

Experts say that trend will only continue unless there’s a significant increase in homes listed for sale.

Read more: Has your zip code recovered from the housing crisis?

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