The USA Real Estate Market is Now More Valuable Than Ever
partial reprint from CNBC.com
A home is only worth what someone is willing to pay for it. And apparently, that tab just hit its highest level in history. Without a doubt, the USA real estate market is more valuable than ever.
The median value of all homes in the United States in June surpassed $200,000. This is up 7 percent from a year ago, according to Zillow, a real estate listing company.
Valuing homes nationally is a tricky business because so many factors play into that value, including location, condition, lot size, aesthetics, and, yes, even Feng Shui. And there is no shortage of economists and data companies and real estate sale sites offering their perspective on current home values.
The National Association of Realtors has reported the median sale price of a U.S. home at well over $200,000 for more than a year, but that measure reflects only homes sold, not every house in every neighborhood that exists in America.
That sale price has shifted higher not just because of inherent home value but because of the mix of homes selling. Currently, more expensive homes are selling because there is a severe shortage of low-priced starter homes for sale. Higher volume on the pricier end shifts the median higher. If rental landlords suddenly dumped a few million low-priced homes on the market, and they sold fast, that median would shift lower immediately.
Estimating values is complicated, but the reason behind the rise in those values is simple: short supply. The inventory of homes for sale was down more than 11 percent in June, year over year, according to Zillow,
“The national housing market remains red hot and shows no signs of slowing.”
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