Something Massive Is Transforming The Hot Housing Market – It’s Changing Fast
(TargetLiberty.org) – After two years of property drought, the US housing market has come back to life with a vengeance. The number of homes on the market is up significantly compared to this time last year, and they’re selling fast. The only downside is property loans are about to get more expensive.
More homes coming on the market for sale, report finds https://t.co/l6duGQBJJ0
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A new report from Realtor.com shows the number of homes for sale in the US is up 5% over the past 12 months, representing the largest increase since March 2019. Homes are selling faster, too. In the week ending May 14, homes sold six days faster on average than in the same period last year; in fact, faster than any other time on record.
The upsurge in homes for sale doesn’t mean it’s all good news for buyers, though. The inventory of available properties might be up in the last two years, but it’s still 60% lower than it was before the COVID pandemic hit. Prices are rising fast, too. The average asking price was up 15.9% in the past 12 months in spite of the Federal reserve having already started raising interest rates and looking to hike them even higher.
There may be more homes on the market, but between rising prices, increasing loan rates, and general inflation how many Americans will be able to afford them?
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