Strange event in the US housing market / US housing prices doubled

Homeowners saw their home prices skyrocket in the third quarter from a year earlier, according to Tejarat News. This was the largest annual increase in housing prices in the history of the agency’s house price index, and in some hot markets, the price doubled.

According to the US Census Bureau, new homes averaged $ 41,600,00 in November, up about 19 percent from a year earlier, setting another new record.

According to the Federal Housing Finance Agency, a group of 20 senior economists and housing experts gathered by the National Association of Real Estate Advisors predicted that average house prices would rise 5.7 percent next year.

According to the report, the slowdown in price growth will be partly due to the Federal Reserve raising interest rates.

According to the report, the increase in housing prices brought the share of first-time buyers to a record low.

35% increase in sales of ultra-luxury homes in the United States

According to data compiled by Miller-Samuel Real Estate Appraisal Company, at least 40 homes have been sold for more than $ 50 million in the United States, an increase of about 35% over 2020. And it is a record.

“The increase at this level is unprecedented and we have never seen such growth,” said Jonathan Miller, CEO and CEO.

Stock market booms, low interest rates and the emphasis on living in the home have pushed up luxury home prices across the United States.

“The important thing about housing is that the lower the rates, the higher the prices,” Miller said.

According to Miller Samuel, eight expensive homes in the country are each being sold for US $ 100 million or more.

The value of New York real estate on the Miller list is about $ 931 million, while the value of Florida real estate is about $ 941 million.

The reason for the rise in housing prices in the United States

Fars also mentioned the reason for the growth of housing in the United States:

The Goldman Sachs think tank says housing prices will continue to rise, at least next year, but it is unclear whether prices will balance after that.

“Of all the problems in the US economy, the housing problem will continue and will remain in the United States,” they said.

“Although construction has begun in the country since the spring, supply is still lower than it was before the corona outbreak, and there is no good prospect of a rapid correction between the supply and demand gap,” the team said.

According to the report, even banks believe that housing prices will continue to rise due to the mismatch between housing supply and demand.