It’s the same story across the country.
The real estate industry is getting more money from homebuyers than ever before, according to data from the National Association of Realtors.
The number of homes sold in the U.S. climbed 5.6% last year to a record high of 2.7 million units, according the Realtor Foundation.
That number is the highest since 2006.
The group reported last week that median home price in the metro area rose 6.3% last month, the biggest increase in a year.
That jump was driven largely by increases in home sales and sales of condos.
The price of a new condo in Los Angeles rose by 15% in March, the most since March 2008, the Reuturiser report said.
Meanwhile, the number of homeowners with mortgages is at a 17-year low.
According to the National Credit Union Administration, a report from the Federal Reserve Bank of St. Louis, the percentage of households with mortgages that have paid off has dropped to 17.6%, down from 20.3%, the lowest level since the Federal Housing Finance Agency began tracking that data in 2000.
Meanwhile in New York, where home prices are up more than 11% in just the past five months, the city is not alone in having seen an increase in the amount of homes purchased and sold by homebuyer.
In Chicago, which has the nation’s second-largest mortgage market, home sales are up nearly 10% to an all-time high of more than 10,000 units, and the number that are occupied rose to 3.7% from 3.3%.
In San Francisco, home prices rose 5.1% in the past year to an annualized $964,800, the latest increase since 2011, according a Bloomberg survey.
New York City has the highest percentage of homeowners who own their homes outright, with 63.2% owning their homes with their own money, the highest proportion in the nation, the survey found.
In contrast, home buyers in San Francisco have an average of only 23.9% owning homes with other people’s money, compared to 37.2%, in the rest of the country, the report said, noting that there is a large discrepancy in the proportion of homebuyters with loans versus homeowners with credit cards.
“When you add all the data, the overall picture is very positive,” said Scott Cacciari, a portfolio manager at Pimco, a global investment bank.
Pimco and other financial analysts expect home prices to remain high until the end of the decade, and they expect a record number of sales and purchases of condos, apartments and other residential properties.
Real estate agents are hoping to capitalize on the recent strong demand for condos by making more of them available, while they continue to sell them for as low as $1.25 million a pop.
“We are in a bubble right now and there is not going to be enough supply,” said John Bower, president of RealtyTrac, a New York-based broker that has sold $5.5 billion in condo and apartment units.
But even as many people are selling, many people still have money in their homes.
That includes the owners of some of the nation.
According in a report released Thursday by the National Home Builders Association, more than two-thirds of Americans who bought homes in the first quarter of 2017 had at least $1 million in equity, according