The median value of a single-family home in the United States increased 12% in the third quarter to $ 313,500, according to the National Association of Realtors.
This is the largest accumulation year after year since the third quarter of 2013, when costs increased by 12. 4%, Bloomberg reported.
Each metropolitan domain followed through the organization has noticed that the value of spaces increased a year ago, and 65% of regions have experienced double-digit value growth. Prices in Bridgeport, Connecticut, increased by 27. 3%, the maximum of all tracked spaces.
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However, as space costs rise, Americans are driven out of the genuine housing market and forced to retain access to property. According to NAR, space costs increased 4 times faster than the median circle of household income, which increased by 2. 9%. In addition, the proportion of first-time buyers fell to 31%, the lowest percentage in more than 30 years.
“Favorable loan rates will continue to attract new buyers to the market,” Yun said. “However, the accessibility scenario doesn’t even have low interest rates, as space costs are rising too fast. “While traditionally low rates have driven an purchasing frenzy in the housing market, the source and new structure have not kept pace. At the end of the third quarter, 14. 7 million existing homes were on sale, 19. 2% less than the total stock at the end of the third quarter of 2019, according to NAR.