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Why This Housing Market Is Not a Bubble Ready To Pop
Homeownership has become a major element in achieving the American Dream. A recent report from the National Association of Realtors (NAR) finds that over 86% of buyers agree homeownership is still the American Dream. Prior to the 1950s, less than half of the country owned their own home. However, after World War II, many returning veterans used the benefits afforded by the GI Bill to purchase a home. Since then, the percentage of homeowners throughout the country has increased to the current rate of 65.5% . That strong desire for homeownership has kept home values appreciating ever since. The graph below tracks home price appreciation since the end of World War II: The graph shows the only time home values dropped significantly was during the housing boom and bust of 2006-2008. If you look at how prices spiked prior to 2006, it looks a bit like the current spike in prices over the past two years. That may lead some people to be concerned we’re about to see a similar fall in
This Week in Real Estate
Good Morning! The first quarter of 2021 realized an annual rate increase of 12.3% in total existing-home sales from a year ago according to the National Association of Realtors This Week in Real Estat e . Time on market decreased 38% to just eighteen (18) days in March 2021 compared to twenty-nine (29) days in March 2020. An astounding 83% of homes sold in March were on the market for less than a month. Below are a few newsworthy events from the third week of April that influence our business: * Housing Market Reaches Record-High Home Price and Gains in March. The month of March saw record-high home prices and gains. While each of the four major U.S. regions experienced month-over-month drops, all four areas welcomed year-over-year gains in home sales. Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, decreased 3.7% from February to a seasonally-adjusted annual rate of 6.01 million in Ma
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