Home value growth steadily continued to increase in July 2020, the "fastest pace" since May 2019.
Demand for homes has accelerated due to lower mortgage rates as well and changing age demographics among millennials.
Inventory of listed homes, or the number of houses on the market, is "down 28%" at nearly 1,031,000 active listings.
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The US housing market continued to make strides in the month of July, as home value growth steadily continued to increase.
The typical home price in America grew 4.5% year-over-year to $253,527 in July, according to a market report released on Thursday from real-estate database company Zillow. This marked the "fastest pace" of growth since May 2019.
Demand for homes has accelerated due to lower mortgage rates as well as changing age demographics among millennials, the report said.
"There are approximately 5 million more Americans aged 26-35 than there were 10 years ago," the report said. "For those young households who still have their jobs and savings, they may view today's low-rate environment as an opportunity to lock in an affordable mortgage payment for years to come, giving them space to start a family."
Inventory of listed homes, or the number of houses on the market, is "down 28%" at nearly 1,031,000 active listings. This total could potentially fall under 1 million homes, Zillow's data indicates. According to the company's market report, inventory has declined because of "robust sales and anemic new listings."
Furthermore, Zillow's Observed Rent Index increased just 1.2% from July 2019 to $1,749 while dropping by over 2% in the New York, San Francisco and San Jose area markets.
Earlier on Friday, Business Insider reported that US existing home sales in July increased a record 24.7% to a seasonally adjusted rate of 5.86 million as a result of both "low mortgage rates and pent-up demand." This mark was good enough for the second month in a row of record sales gains.
The housing market has seen other signs of optimism recently. The US Department of Commerce on Tuesday said that housing starts in July surged 22.6% to a seasonally adjusted 1.5 million, good for "the largest jump since October 2016."
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#1: Horse To: Ada (#0)
median listing price of $1,988,000.
$999,000 1bed1.5bath 1,209sqft 1,294sqft lot
10745 N DE Anza Blvd Unit 103, Cupertino, CA, 95014
Homes are selling far, far away but not anywhere near legal and illegal aliens.
Horse posted on 2020-08-22 09:56:42 Reply Private Reply
#2: Ada To: Horse (#1)
Ada posted on 2020-08-22 10:27:36 Reply Private Reply
#3: BTP Holdings To: Horse (#1)
The lots that the CHA high rises stood in Chicago are having million dollar homes built there.
Chicago is going to be a place where the very wealthy and the very poor live.
They are turning the old 10 story Ravenswood hospital (which has been vacant for 20 years) into Senior citizen housing. ;)
BTP Holdings posted on 2020-08-22 10:56:05 Reply Private Reply
#4: Horse To: Ada (#2)
Horse posted on 2020-08-22 10:58:08 Reply Private Reply
#5: BTP Holdings To: Horse (#4)
My landlord wanted a 6% rent increase. But since I am disabled, under the Americans with Disabilities Act they could only get a 1% increase. So they got nothing.
City utilities had to get a 20% increase since they lost $55,000 on the water system. They were not running it like a business. ;)
BTP Holdings posted on 2020-08-22 11:03:35 Reply Private Reply
#6: Horse To: BTP Holdings (#3)
This is in Gold Coast area which was good when I lived there 48 years ago.
Horse posted on 2020-08-22 11:05:37 Reply Private Reply
#7: BTP Holdings To: Horse (#6)
The guy who owned the florist shop on north Broadway was a millionaire back in the early 90s.
He lived at 14 East Cedar, just east of where State St. and Rush St. met. He had a two floor condo. I was working with one of the contractors he had doing some of the work to renovate the place in the late 70s.
I wonder too how much he lost in the Crash of 2008.
That florist shop is closed a long time now. I wonder who Mr. Stein rented the building to after the florist shop closed.
It had a full basement and even a 2nd floor that there was a typesetting business going that his room mate was running.
That's right. He had a male room mate and was a butt blaster. But he had been married previously and had two beautiful daughters who are grown up by now. ;)
BTP Holdings posted on 2020-08-22 11:19:47 Reply Private Reply
#8: Ada To: Horse (#4)
Both rent control and rent stabilization. Prices in the better suburbs are up. Not sure about the seedier ones.
Ada posted on 2020-08-22 12:31:44 Reply Private Reply