Happy New Year! Looking to buy in 2022? Last year was a barn burner with 6 million units sold.
The US housing market has had a white hot year. Home sales are on track to reach the highest level in 15 years, with an estimated 6 million homes sold in 2021. But whether you benefited from this surge depended a lot on if you were selling a home or buying one.Homeowners saw average home prices skyrocket nearly 20% through the third quarter compared to a year ago, according to the Federal Housing Finance Agency. It was the largest annual home price increase in the history of the agency’s House Price Index. And, in some hot markets, the price increase was double that.
America’s 10 most expensive zip codes have median home prices over $4 million Homes also sold at a record pace, with sellers often fielding multiple competing bids and all-cash offers. Even homes that were disgusting or burned out sold quickly, and at amounts that were well over the asking price.
Despite low inventory and rising prices, home sales inched higher in October, marking a second straight month of growth, according to a report from the National Association of Realtors.Sales of existing homes, which include single-family homes, townhomes, condominiums and co-ops, rose 0.8% month-over-month. After slowing during the summer, sales reignited in September, which saw a 7% monthly increase.
Year-over-year, home sales were down 5.8% from October 2020, which marked the cyclical peak in the pandemic surge in home buying.
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Lawrence Yun NAR’s chief economist, said this year’s sales are on track to surpass 6 million homes, which would be the strongest performance since 2006.
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Copyright © This free information provided courtesy L.A. Loft Blog with the information provided by Corey Chambers, Realty Source Inc, DRE 01889449; MPR Funding Inc NMLS 2000513. We are not associated with the seller, homeowner’s association, or developer. For more information, contact 213-880-9910 or visit LALoftBlog.com, Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties are subject to prior sale or rental. This is not a solicitation if the buyer or seller is already under contract with another broker.