Posted by The American Conservatives on Sunday, February 23, 2018 03:29:27 The real estate industry is facing a new reality: they are competing against one another.
It’s happening faster than anyone expected, as more and more sellers are signing up to buy homes in the city, and as the national real estate market rebounds.
According to a new report, the average sale price of a new home is $1.2 million.
But as more of these sellers join the market, the number of homes for sale in the metro area is on track to double in just a few years, as many cities and states start to make the leap from one era of boom to another.
That means, at least in part, that many cities are competing for home buyers.
The report also found that, in many cases, the most affordable homes in cities with large concentrations of homebuyers are being snapped up by younger buyers, who are paying lower prices and with lower down payments.
And the list of the most expensive cities is longer than it has ever been.
The American Housing Survey is the latest data-driven tool to measure real estate prices, and it shows that affordability is a growing issue in the U.S. It shows that average home prices in cities like New York, Chicago, Los Angeles and San Francisco are now below $200,000.
And that number is expected to continue to drop as more young buyers opt for homes closer to home.
“The real estate boom is here, and that’s a really good thing,” says Brian Deitch, president of the Association of Realtors, a trade group for real estate agents.
“I think the real estate crash, and the fact that we had this housing bubble, is the catalyst for all of this.”
Deitch says the boom is driving demand for homes in those cities, which are becoming increasingly expensive to buy in general, because they are seeing more and better-paying jobs.
“It’s all about supply and demand,” he says.
“There’s not going to be a shortage of houses, but if we don’t have the supply we’ll have a shortage.
It will be a very competitive marketplace.”
The realtor and broker report shows that more than a third of the homes for which prices have been collected in the past year have been bought by millennials.
While that’s not the case nationally, it’s happening in some major markets, too.
Chicago is one of them.
The city has been in a housing bubble since 2006, but the city’s population has grown by 30 percent in just the last 10 years.
But there are signs that that housing bubble is starting to break.
In 2018, the city recorded its first foreclosure, and in the first three months of 2019, there were just two foreclosures, compared to 15 in all of 2018.
And Deitch is not convinced that the city will continue to be plagued by foreclosing in the years ahead.
“Chicago is going to become a different place, and I’m sure that the rest of the country will see that and say, ‘Oh my God, there’s so many foreclosings, it must be a bad place,'” he says, “but I think in six to 12 months or something like that, people are going to start to wake up to that.”
For some, it is a choice between buying a house or renting.
For some of the younger buyers who are looking to buy a home, they are moving from the city to other areas in the country where prices are lower.
But the problem is that many are priced out of the market in many cities that are seeing their prices go up, and those buyers are forced to move out of their own neighborhoods.
“When you have people out of town, that’s going to lead to a lot of forecloses,” Deitch explains.
The report finds that prices are going up even faster than the number that is sold. “
So there’s a lot going on that’s creating a housing affordability problem, and there’s not enough housing.”
The report finds that prices are going up even faster than the number that is sold.
In the last three years, the price of homes in most major metro areas has increased by about 60 percent, according to the survey.
And even with that rise, there are still some major metropolitan areas that are experiencing price growth.
Chicago has grown its median price by more than 30 percent, from $180,000 in 2016 to $245,000 this year.
Los Angeles has seen a similar increase of 40 percent, and San Antonio has seen an increase of 70 percent.
The realtors report found that in a few metro areas, including Chicago, San Francisco, Boston and Washington, D.C., the number has been increasing faster than in other major metropolitan regions.
In those areas, the median home