US home costs are 44% higher than pre-pandemic levels
Per Business Insider
The prices of US homes have way exceeded pre-pandemic levels, now at 44% higher. The data was revealed by Redfin, showing a massive difference in price from January 2020 until recently.
In January 2020, median home prices were $290,264 before the pandemic. Now, prices have reached $419,103.
Here are some of the reasons highlighted
- Low Inventory
- High mortgage rates
- Lack of willing homeowners to move off cheap borrowing costs
Another Redfin reported how pre-pandemic available home-for-sale numbers were 39% higher than the number of listings today. Mortgage Banker's Association's associate vice president for housing economics Edward Seiler gave a statement to Insider regarding the housing market.
Seiler: "For new home buyers, this is the worst situation since the end of the Great Recession... Current homeowners that were lucky enough to get a 2.75% interest rate in 2022 are in a great position, but for new home buyers looking to buy a first home, or those looking to move to another home, it's a very daunting proposition."
Recently, it was reported that there were two real estate agents for every home for sale. It was also reported that sales of multi-tenant apartment buildings dropped 74%, reaching a new record since 2009.
See flow at unusualwhales.com/flow.
Other News:
- There are now two real-estate agents for every home for sale
- Sales of multi-tenant apartment buildings dropped 74%, reaching a new record since 2009
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