Home Prices Rise 15% on Average
Home prices have soared as mortgage rates have dropped, as people leave some large cities because of the COVID-19 pandemic, and as middle-class Americans have experienced income increases. Based on data from a number of sources, the average price of a home nationwide has risen as much as 15% in the last year. In some highly desirable markets, that figure is much higher. Search homes for sale in Flying Horse, Colorado Springs, CO here: http://www.rehava.com
Demand has been so great in some cities that housing inventory has plunged. While demand remains high, there are simply not enough homes to satisfy the rush of buyers. This has caused bidding wars on some homes. These bidding wars cut the time some homes are on the market to a few days. And, the competition also pushes some home prices above what sellers ask.
The demand surge and resulting bidding wars are not even across the county. Home selling online site Redfin reports that in March, “Nearly two-thirds (64.0%) of home offers written by Redfin agents in March faced competition..” It is the 11th month in a row where the figure has been over 50%. Redfin added that 46% of homes are selling less than a week after they are listed.
Las Vegas Redfin real estate agent Lori Garlick described the mania: “Competition is escalating in part because it’s almost summer and families want to lock down homes before the next school year starts and their kids have to head back to the classroom.” While the competition is most often on single-family homes, townhouse sales are also part of the trend.
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