The Rise of the U.S. Housing Market: Home Prices Surge Across Major Metros
The U.S. housing market is on fire, with median home-sale prices on the rise in all 50 of the largest metros across the country. According to data from Redfin, there hasn’t been a single major metro area experiencing a decline in home prices year-over-year since July 2022.
Despite concerns about rising mortgage rates and affordability, the nationwide median sale price has nearly hit a record high at $383,188, marking a 4.8% increase from the previous year. This surge in prices can be attributed to low inventory levels, which are creating fierce competition among buyers.
Anaheim, CA, is leading the charge with an impressive 20% year-over-year price increase, followed by Detroit, San Jose, West Palm Beach, and New Brunswick. Even in metros with smaller price increases like Dallas, Austin, and Tampa, prices have remained stable or seen modest gains.
The scarcity of available homes is expected to keep prices high in the coming months, as some homeowners are hesitant to list their properties amidst uncertainty about future interest rates. However, despite a softening in homebuying demand due to rising mortgage rates, serious buyers are still active in the market, supporting further price growth.
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With Cityfunds, investors can access the $32.6 trillion home equity market, which has seen remarkable growth in recent years. Cityfunds’ in-house origination team secures investments below market value, providing investors with a strong position from day one.
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