Tag: housing

Home Prices on the Rise as Demand for Housing Increases

Posted on by Louise B. Delia

Home prices are on the rise as demand for housing increases. With the current economic climate, there is a shortage of homes for sale and a high demand for them, leading to a rise in prices.

The current housing market is driven by a number of factors, including low interest rates, a strong job market, and a growing population. Low interest rates have made mortgages more affordable, making it easier for buyers to purchase homes. The strong job market has allowed more people to qualify for mortgages, as well as to afford higher prices. The growing population has increased the demand for housing, as more people are looking to buy homes.

The result of these factors has been a rise in home prices. According to the National Association of Realtors, the median price of existing homes has risen by 5.8% over the past year. This trend is expected to continue, as the demand for homes continues to outpace the supply.

In addition to the rise in prices, there has also been a decrease in the number of homes available for sale. This has been due to a number of factors, including a lack of new construction, as well as homeowners choosing to stay in their current homes, rather than move. This has caused a shortage of homes for sale, which has further driven up prices.

The rising home prices have been a boon for sellers, who are able to get more money for their homes. However, it has caused a strain on buyers, who are having to pay more for their homes. This has led to an increase in the number of people looking to rent, rather than buy.

The rising home prices are likely to continue for the foreseeable future, as the demand for housing continues to outpace the supply. This could lead to a further decrease in the number of homes available for sale, as well as an increase in prices. For buyers, this could mean a need to adjust their budgets, or look for alternative housing options. For sellers, this could mean higher profits.

No matter what the future holds, it is clear that home prices are on the rise as demand for housing increases. This trend is likely to continue, as long as the current economic climate persists.…

Housing Market Sees Record Growth Despite Pandemic

Posted on by Louise B. Delia

The housing market has seen record growth in the midst of the pandemic, with home prices and sales continuing to rise. Despite a global economic slowdown, the housing market has remained strong in many parts of the country.

The National Association of Realtors reported that existing home sales in the US rose by 24.7% in August 2020, compared to the same month last year. This is the largest year-over-year increase since the organization began tracking sales data in 1968. The median existing home price also rose by 13.4%, to $310,600.

The demand for housing has been driven by historically low mortgage rates, which have made it easier for people to buy a home. According to Freddie Mac, the average rate for a 30-year fixed-rate mortgage was 2.86% in September 2020. This is the lowest rate since the organization began tracking mortgage rates in 1971.

The low mortgage rates have also made it easier for people to refinance their existing mortgages. Refinancing applications have risen by more than 50% since the start of the pandemic. This has allowed many homeowners to lower their monthly payments and save money.

The strong housing market has been a bright spot in an otherwise gloomy economic picture. The pandemic has caused unprecedented levels of unemployment, which has put a strain on many households. The housing market has provided some relief, as it has been a source of income for many people.

Real estate agents, builders, and other housing-related businesses have also benefited from the strong housing market. The demand for housing has created more jobs and helped to keep the economy afloat.

The housing market is likely to remain strong in the coming months, as long as mortgage rates remain low and the economy continues to recover. The demand for housing is likely to remain high, as people look for more space and amenities in the midst of the pandemic.…