US real estate market booming, with record selling times and values at new high 3 minutes read
Australia is not the only country experiencing a real estate boom in 2021, with new figures from the United States showing national median home values have reached a new all-time high.
US median prices hit US$375,000 ($485,940) in April, a 17.2 per cent rise on the same period last year, according to realtor.com’s Monthly Housing Trends report.
The report also found houses were selling at a record low of 43 days on the market, with listing levels still 26 per cent below pre-pandemic levels.
But the number of new sellers surged in April compared to the same month last year, when many cities had social restrictions in place.
April 16, 2021
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Home prices posted a year-over-year median price increase of 15%, bringing the median home listing price to $370,000, according to Realtor.com’s Monthly Housing Trends report. One Silicon Valley home received 76 all-cash offers, another fixer-upper in Maryland received 88, 75 of which were cash offers. Metros with the fastest rising listing prices include Austin, TX with prices 40% higher; Buffalo, NY with prices up 28.2%; and Los Angeles with a 24.8% increase. Still, homes are selling faster today than one year ago, reports Forbes. Realtor.com’s senior economist does predict more homes coming to market this summer as vaccination rates increase.
The news gets even worse when you dig a bit deeper. Consider that nationally, the number of homes for sale in March decreased by 52% compared to March 2020. That’s even lower than this past February when inventory fell 48.6%. Crunch the numbers and that means there were 534,000 fewer homes for
Median Home Listing Prices Hit Historic High Of $370,000 According To Realtor com forbes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forbes.com Daily Mail and Mail on Sunday newspapers.