Housing Market Outlook: Share of homes worth $1 million nears record

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 72 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 32%
  • Publisher: 51%

Belgique Nouvelles Nouvelles

Home values have soared so much that the share of houses worth $1 million or more is near an all-time high

An analysis from the real estate group shows that 8.2% of US homes are worth $1 million or more. That's just below the record 8.6% seen in June 2022.

Researchers pointed to tight inventory as the primary driver reason more homes are breaching the seven-figure mark. In February, that number had dipped to a 12-month low of 7.3%.Notably, too, the share of homes worth seven-figures has doubled since before the pandemic, when about 4% of homes were valued at $1 million or more.

In July, the median home price climbed 3%, marking the sharpest jump since November 2022. For higher-end homes in particular, prices climbed 4.6% annually, as the median-sale price in that market hit $1.2 million in the second quarter, according to Redfin. "The supply shortage is making many listings feel hot," Redfin economist Chen Zhao said."In most of the country, expensive properties that are in good condition and priced fairly are attracting buyers and in some cases bidding wars, mostly because for-sale signs are few and far between right now."

It's possible, Zhao explained, that recent signals that point to a soft landing for the US economy have made high-end buyers more confident in making a big purchase, which suggests more demand could be on the way.According to Redfin data, a $1 million home today would have a monthly mortgage payment of $6,604 based on a 6.7% rate, compared to the $5,984 seen with last June's typical rate of about 5.5%. in June. That surpassed the $46.6 trillion value seen in 2022, and the figure is 19.

 

Merci pour votre commentaire. Votre commentaire sera publié après examen.
Nous avons résumé cette actualité afin que vous puissiez la lire rapidement. Si l'actualité vous intéresse, vous pouvez lire le texte intégral ici. Lire la suite:

 /  🏆 729. in BE

Belgique Dernières Nouvelles, Belgique Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

Stock market outlook: S&P 500 could triple on secular bull market cycleThe S&P 500 could triple to 14,000 by 2034 as secular bull market cycle takes hold
La source: BusinessInsider - 🏆 729. / 51 Lire la suite »

Stock market outlook: JPMorgan stays bearish amid brewing AI bubbleJPMorgan stays bearish on the stock market and warns that an AI bubble is brewing amid record concentration in mega-cap stocks
La source: BusinessInsider - 🏆 729. / 51 Lire la suite »

GM earnings: What to expect as automaker updates market on EV lineup, potential outlook raiseGeneral Motors Co. is slated to report second-quarter earnings before the bell on Tuesday, with Wall Street expecting an update about GM's lineup of electric...
La source: MarketWatch - 🏆 3. / 97 Lire la suite »

Stock market outlook: 100-year-old Dow Theory buy signal just flashedA more than 100-year-old buy signal just flashed in the stock market
La source: BusinessInsider - 🏆 729. / 51 Lire la suite »

Stock Market Outlook: FOMO rally is unsustainable, most AI stocks are bottomingThe market's FOMO-driven rally is unsustainable and most AI stocks are still bottoming, CIO says
La source: BusinessInsider - 🏆 729. / 51 Lire la suite »