Thursday, May 26, 2022

Median home prices in the United States reach a new high of $405K: Research

Home prices touched an all-time high of $405,000 in March, but data shows that there is some hope for pandemic-time buyers not far off.

According to the Realtor.com Monthly Housing Trends report, with requests starting to direct as a few home customers are valued a little too high and new development at close to 16-year highs, the stock is expected to hit a positive area year-over -year this late spring.

“Despite the $405,000 sticker price, March data reveals we are starting to make a few inroads toward a more adjusted market,” said Chief Economist Danielle Hale in prepared remarks. “Despite considerable expenses, buyer requests are directing, and we’re starting to see more property owners lower costs on their posts, and in general stock, downfalls are decreasing proportionately.”

She predicted that because of the enormous number of variables and new developments, there could be stock increases by the middle of the year.

This could have an impact on the multifamily market, albeit it is unlikely to be significant.

In March, the average US posting value reached an all-time high, with expenses rising 13.5 percent year over year, faster than usual for this season and at roughly the same rate as the month before.

However, as Hale pointed out, the percentage of properties with lower costs increased modestly from 5.8% last March to 6% this year. Regardless, it is 9 rate points below the typical 2017 to 2019 levels.

On March, 25 of the top 50 metros experienced an increase in cost reductions, compared to 18 in February.

Posting prices in the top 50 metros increased by an average of 9.1% in March compared to the previous year. Their cost development has been lower than in other parts of the country, although much of this can be attributed to new stock bringing slightly more modest homes to the market this year.

Over the same period, the average posting cost per square foot in these massive metros increased by 12.5 percent, not quite as high as, but close to, the public rate of 15.7 percent.

In March, the most notable year-over-year middle rundown expense growth was seen in Miami (+37.0 percent), Las Vegas (+35.2 percent), and Tampa (+32.0 percent).

Austin had the largest growth in the percentage of residences with cost reductions compared to the previous year (+2.9 rate focused), followed by Sacramento and Memphis (+2.3 rate focused).

In general, the supply of homes effectively available to buy on an average day in March decreased by 18.9% over the previous year, a slower rate of fall than the 24.5 percent drop in February.

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