Axios March 14, 2022 “A record number of homes are worth more than $1 million” By Jennifer A. Kingson
Read Axios for all the details
Summary by 2244
Around Austin-Hillside homes in a Rob Roy neighborhood
Data by City as of February 2022 (%)/February 2020* *If data available
San Francisco 88.7/82.2
San Jose 85.9/68
Anaheim 55.3/27.2
Oakland 55.1/34.4
San Diego 40.4/17.6
Los Angeles 38.5
Honolulu 37.1/19.2
Seattle 36.5/15.5
New York 32.1/30.1
Oxnard 31.2/15.1
Albuquerque 25
Boston 18.1
Austin 12.3
DC 10.9
Denver 9.7
Phoenix 7.8
El Paso, Columbia SC, McAllen TX, Dayton, Buffalo 0.2%
Elgin, Illinois 0.1%
All data per Redfin
Notes
Good news for existing homeowners and bad news for seekers as “incomes are rising, but not as quickly as home prices-leaving many people stuck as renters.”
“Low mortgage rates,” WFH-pandemic drove conversion rapidly from working from office to working from home for many and low inventory has driven the large increases observed in the last two years. “During the four weeks ending Feb. 27, the number of homes for sale plummeted 50% from two years earlier” according to Redfin who performed this analysis. Net effect is a “33% rise in the median U.S. home-sale price, which hit a record high of $363,975.”
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