What’s the latest on home prices & other market data?
Altos Research dug into the price signals in their latest review of housing market data.
According to the data that the market generated last week, home price gains have slowed. Inventory has continued to climb, but home prices have stayed essentially flat for several weeks. Is this a sign that home prices have reached their peak and should start to recede?
New home listings are 16% higher this week than at the same time period last year and has continued to tick higher as we inch towards the Spring. There are currently about 494,000 single-family homes available. That’s 13% higher than the same week last year.
When it comes to home price data, the median price for single-family homes on the market is at $425,000 and it’s been stuck there for about three weeks. Home prices typically go up into the Spring and then decline in the Fall. However, home price gains appear to be compressing as we move towards March. Home prices are only about 1%-to-2% higher than the same time period last year.
Where are the best housing markets for 1st time buyers?
CNBC and Credinews Research reviewed the 50 largest metro areas and put together a list of the markets that are best for first-time homebuyers. The results were based on mortgage affordability, market access, the job market, livability, and home price action.
The absolute best area in the U.S. for first-time homebuyers? According to the results, it’s Pittsburgh, PA.
The Pittsburgh area did well with its affordable home prices and growing job market. The median listing home price in Pittsburgh was only $255,000. That’s just over $150,000 less than the median home sales price in the U.S.
Texas had three markets make the top 10 with Austin-Round Rock, San Antonio-New Braunfels, and Dallas-Fort Worth-Arlington showing up. The Sun Belt was well-represented with Birmingham, AL, New Orleans, LA, and Miami-Fort Lauderdale-West Palm Beach, FL showing up.
Is it possible to live like a President?
Do you want to live in the White House, but don’t think you have what it takes to get to 270 electoral votes? There are several lookalikes, and a few are currently on the market.
For example, if you have $29.995 million lying around, you can get a property in Hillsborough, CA that will get you as close to the White House as possible. The property offers a 24,350 sq. ft. living space with 11 bedrooms. The four-level home comes with an ‘East Room’, a rec room, a wine cellar, and a replica ‘Oval Office’. The 3-acre property does feature a rose garden.
If $30 million is a bit too much, there’s a similar property in Henderson, NV that offers a White House replica. The 7,434 sq. ft. home sits on a half-acre lot and offers similar outdoor columns and ‘executive’-styled interior. This property is only listed for $2.1 million, and sadly doesn’t have a rose garden or other Presidential amenities included.
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