US house prices rose 15% in February from a year ago

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ND FIERCE COMPETITION LAST YEAR. NEWSCENTER 5’S BEN SIMMONEAU HAS DISCOVERED THAT THE PANDEMIC MAY HAVE CHANGED SOME PARTS OF THE REAL ESTATE MARKET FOREVER. JOURNALIST: WITH THIS, THIS HOUSE IN WESTWOOD HAS OFFICIALLY COME ON THE MARKET. IT WENT TO THE MARKET. >> WHEN? >> TODAY. JOURNALIST: SOLD ZET. >> IT COCOA. REPORTER: LISTING AGENT WITH COLDWATER ABOUT A BANRKES INOT JOKING THE BUB SIGN ON SUMMER A BOSTON HOUSING MARKET STARTS SPRING SALES SEASON IN MID SUMMER HAFT. >> I FEW PEOPLE ASKED IF THEY CAN WRITE ON THE DEALS SCENE AND JUST MADE IT WAIT UNTIL THE WEEKEND. REPORTER: COMPLETE WITH GFOL SIMULATOR, HOME GYM, THIS HOUSE IS LTEDIS FOR 2 MILLION DOLLARS. THIS IS UP FROM TWO YEARS AGO WHEN PRICE SAYS IT MAY HAVE FEVERED AROUND 1.9 MILLION AND TWO YEARS OF DOUBLE-DIGIT PRICE INCREASE SHE EXPECTS EROV OFFERS ASKING. >> I JUST LISTED A HOME TWO WEEKENDS AGO AND MULTIEPL IS OFFERING AND VOIDING ALL CONTINGENCIES IN I THINK 225 UPON ASK. >>DID YOU HAVE A LIST PRICE THAT WAS SORT OF YOUR PRICE AND NOW IT’S KIND OF LIKE, YOU KNOW, STARTING POINT, TIM WARREN’S COMPANY, THE WARREN TRASCK GROUP THROUGHOUT MASSACHUSETTS AND SAID THAT HOMES SELL WELL THE EROV LIST PRICE HAS CHANGED IN THE PANDEMIC MAYBE FOR GOOD. THE GROUP INDICATES THAT THE STATE’S AVERAGE PRICE IN JANUARY A TYPICALLY SLOW MONTH HAS FURTHER RISED 10.7% FROM LAST JANUARY. WHICH MEANS WE ARE STARTING THE THIRD YEAR OF DOUBLE-DIGIT PRICE GAINS. As people rushed to get their loan blocked. >> THIS EMERGENCY, YOU KNOW, IS LEADING TO MANY PEOPLE ON THE SAME MEHO AND MORE COMPETITION AND HIGHER PRICES. >> WHAT WILL YOU SAY TO A FIRST-TIME BUYER? IT’S A GOOD YES. I WOULD LIKE. SO I HAVE FIRST-TIME BUYERS THEN I TELL THEM TO BE PATIENT. AND DON’T GET DISCOURAGED. THE RIGHT HOUSE WILL ARRIVE WHEN IT IS SUPPLIED. >> BACK IN WESTWOOD PRICE HAS NEVER WARNED OF INSPECTIONS BUT SAYS THE PRACTICE SEEMS TO BE BACK AND HAS EVEN SEEN A FEW SHOPPERS TRYING TO AWAY AND INSPECT IN AN OPEN DOOR. HIS ADVICE FOR THOSE WITH BUILT-IN FRUSTRATION. THEY DID NOT PASS. PRINCIPAL THEY ARE WAITING. THE SLOWER MONTHS, I, A JULY, SEPTEMBER, MANY PEOPLE WANT TO KNOW IT’S A TIM WARREN SSAY NOTET Y BUBBLE. NUMBERS, THIS IS JUST THE THIRD YEAR IN A ROWOR F NOW. THE NICE HOUT FOR THIS HOUSE THIS WEEKEND IS ALL OVER 100 PEOPLE DROM THE DOOR AND EXPECT SEVERAL OFF

US house prices rose 15% in February from a year ago

Video above: High prices and fierce competition continue as the spring housing market kicks off in MassachusettsHome prices rose 15% to a median price of $357,300 in February from a year ago , as inventories have remained stubbornly close to record highs, according to a report from the National Association of Realtors. But even as home prices continued to climb, sales slowed. Sales of existing homes — which include single-family homes, townhouses, condominiums and co-ops — were down 7.2% from January and 2.4% from a year ago, a reported NAR. Housing affordability continues to be a major challenge as buyers take a double whammy: rising mortgage rates and sustained price increases,” said NAR Chief Economist Lawrence Yun. “Some who were previously eligible for a 3% mortgage rate are no longer able to buy at 4%,” Yun said, given the surge in house prices and rising rates, the cost buying a house is significantly higher than a year ago. For a buyer who closed a mid-priced home in February with a 30-year fixed-rate mortgage, monthly payments are 28% higher than a year ago, Yun said. made the housing market even more competitive, pushing up prices. The inventory of unsold homes rose 2.4% from a month ago to 870,000 at the end of February, but was still down 15.5% from a year ago. Homes generally only stayed on the market for 18 days in February. But even if a buyer could get their hands on a home before it sold, they still faced the hurdle of rising costs. their share of existing home purchases rising to 29% from 27% in January. “The sharp rise in mortgage rates and rising inflation are taking a heavy toll on consumer savings,” Yun said. “However, I expect the pace of price appreciation to slow as demand cools and supply improves somewhat due to home construction.” After a decade of rising home prices, the current median U.S. home sale price is more than double the median of $155,600 in February 2012, when home prices began their current streak, a said Danielle Hale, chief economist of Realtor.com. new home construction will help add much-needed supply to the market, Hale said. food and childcare, boosted by inflation,” she said. “So far, buyer activity has held up well against the additional costs of homeownership, but the demand will be tested by an extraordinary year.”

Video above: High prices and fierce competition continue as spring housing market kicks off in Massachusetts

Home prices rose 15% to a median price of $357,300 in February from a year ago as inventories remained stubbornly close to record highs, according to a report from the National Association of Realtors. But even as home prices have continued to climb, sales have slowed.

Sales of existing homes — which include single-family homes, townhouses, condominiums and co-ops — were down 7.2% from January and 2.4% from a year ago, a reported NAR.

“Housing affordability continues to be a major challenge as buyers take a double whammy: rising mortgage rates and sustained price increases,” said Lawrence Yun, chief economist at NAR. “Some who previously qualified for a 3% mortgage rate are no longer able to buy at the 4% rate.”

Yun said that given the surge in house prices and rising rates, the cost of buying a home is significantly higher than a year ago.

For a buyer who landed a mid-priced home in February with a 30-year fixed-rate mortgage, monthly payments are 28% higher than a year ago, Yun said.

Inventory up slightly

The lack of homes available for sale has made the housing market even more competitive, pushing prices higher. The inventory of unsold homes rose 2.4% from a month ago to 870,000 at the end of February, but was still down 15.5% from a year ago.

Homes generally only stayed on the market for 18 days in February. But even if a buyer could get their hands on a home before it sold, they still faced the hurdle of rising costs.

However, first-time buyers, increasingly squeezed out of the market, rose slightly in February, with their share of existing home purchases rising to 29% from 27% in January.

“The sharp rise in mortgage rates and rising inflation are taking a heavy toll on consumer savings,” Yun said. “However, I expect the pace of price appreciation to slow as demand cools and supply improves somewhat due to increased home construction.”

Price rise continues

The 15% jump in the median house price in February marks 120 consecutive months of annual price growth, or 10 years.

After a decade of rising home prices, the current median U.S. home sale price is more than double the median of $155,600 in February 2012, when home prices began their current streak, a said Danielle Hale, chief economist of Realtor.com.

The recent rampin building new homes will help add much-needed supply to the market, Hale said.

“We expect home sales to remain relatively strong throughout 2022 as homebuyers get creative about how to spend their housing budget amid rising prices of competing spending like the energy, food and childcare, due to inflation,” she said.
“So far, buyer activity has held up well against the added costs of home ownership, but demand will be tested by an extraordinary year.”

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