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RISE OF HOME PRICES

| April 19, 2018
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Home prices are going up, as the supply of homes for sale have dropped 11.9% this past year!

“The median price of a home sold in March surged 8.9 percent compared to March of 2017, according to Redfin, a real estate brokerage. It is the biggest annual increase in four years. Redfin tracks prices in 174 local markets and calculated the median home price at $297,000.”

Homeowners are not selling due to various factors but primarily in fear of not finding a new property that fits their budget. The rise of mortgage rates has encouraged homeowners to stay financed at their current rates. This creates less inventory for sale and demands a higher market for rental properties. Homebuilders are reverting their primary focus on rental apartments since millennials (myself included) are waiting longer to afford their dream starter home.

 

 

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