On the way to surpass the current estimate of 50 trillion dollars
The housing market in the US is on track to surpass the previous estimate of 50 trillion dollars, according to Redfin.
The prices of the dwellings are rising a lot against the background of the continuing imbalance in the stock and supply of goods. The arrival of housing for sale has caused the value of all residential properties in the United States to fall by $49.6 trillion as of June this year, the site estimated real estate reports, cited by the Business Insider.
After 3.1 trillion dollars in sales in the past year alone, the housing stock in the United States is on track to surpass the 50 trillion dollar mark by next June, according to the real estate agency.
“The value of the housing stock in America will probably exceed 50 trillion dollars in the next year, so there is not enough housing to be sold We appreciate the news,” said Chen Zhao, editor-in-chief of Redefining Economics Research, in a statement.
“Mortgage rates are starting to fall, but many potential lenders and borrowers are waiting for the right moment, which means that we may continue to watch The things you value are slow to come to an end.”
The higher interest rates on the mortgage loans are owed by the existing owners of the dwellings with tied hands in the technical properties, and the difference between the buyer and the seller the fire in recent years. While mortgage rates are down, borrowing costs are rising, with the 30-year fixed mortgage rate reaching 6.47% last week Freddie Mas.
The supply of existing housing fell by 5.4% on an annual basis in June, according to the National Association of Real Estate Agents.
Meanwhile, housing prices rose by 4.7% this month, ahead of SoreLogis’ estimate. Some parts of the housing market are seeing a slower price trend or decline, but this is because the pressure is cooling off from the levels during the construction period. The cities in the Clyde Valley, where Americans have been affected by the pandemic, have seen the biggest drop in the city, with housing prices falling by up to 11% some parts, according to Redfin data in the report.
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