In May 2021 house prices in the United States reached an all-time high - despite the fact that sales began to decline amid a deepening home shortage. This is reported by Estonaco Consulting LLC analysts who are citing data from the National Association of Realtors (NAR).
According to the National Association of Realtors, the median sale price of finished homes by the beginning of May reached $329.1 thousand - this is an absolute historical record. Houses were raising in popularity and price by 17.2% on an annual basis. Home sales in March, meanwhile, decreased by 3.7% compared to February.
'Consumers are forced to put up with soaring home ownership costs, rising mortgage rates and falling housing affordability. However, they are active in the real estate market.' said Lawrence Yun, chief economist at NAR.
Mortgage rates have increased slightly but remain attractive, Yun said. In general, he positively assessed the future of the American housing market. 'The latest figures show that at least half of the US adult population has been vaccinated against COVID-19, and data on construction projects and jobs being created suggests that the housing sector will experience impressive supply and demand growth.' Yun concluded.
Experts at Estonaco Consulting LLC believe this trend to continue in the future. Economic recovery after the pandemic, home shortage, increasing prosperity of potential buyers - all these factors will lead to higher prices for both houses and real estate in general. Contact us to get more information on available investment plans and custom projects to gain your share of the market profit.
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