NEW YORK – U.S. home prices increased 18% in July compared to a year earlier, according to a just-released CoreLogic Inc. report.
The jump is the largest 12-month gain in the index since the series began 45 years ago. On a month-over-month basis, home prices increased by 1.8% in July from June.
“Home price appreciation continues to escalate as millennials entering their prime home buying years, renters looking to escape skyrocketing rents and deep pocketed investors drive demand,” said Frank Martell, president and CEO of CoreLogic, a global property-information firm.
The rush of home buyers – amid extremely low mortgage rates – has caused a lack of supply, which is unlikely to be resolved over the next five to 10 years “without more aggressive incentives for builders to add new units,” he said in a statement.
By July 2022, annual home prices are projected to decrease to a 2.7% pace as ongoing affordability challenges deter some potential buyers.
“This price gain has far exceeded income growth and eroded affordability,” said Frank Nothaft, chief economist at CoreLogic. “In the coming months, this will temper demand and lead to a slowing in price growth.”
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As people continue to move and relocate to the general areas of Lee & Collier Counties from other parts of the United States, it is important that we are able to serve all of the area; which we do efficently, with the ability offer many different Choices and Lifestyles all of which are in abundance here in SW FLA 🌴
Inventory remains low overall; we do continue to list and market new property listings to the marketplace and we sell many different type homes; Resale & New Construction; Multigenerational Family Compounds, Regular Single Family Homes, Villas, Townhomes and all Condo types, from low rise, to waterfront high rise right on the beach.
We have also seen an uptake in people planning ahead, and buying that second home now, rather than waitiang as they were planning to do; especially with Snowmads and Zoombirds. Previously we had Snowbirds; interesting how terminology keeps changing.
Lower interest rates are probably helping with the increased sales; oftentimes over asking price. Low inventory is still the greatest chalenge for buyers; but if prepared you are ahead of the game; ask how we can help. We recently got a number amazing deals for buyers; even in this Hot Sellers Market; and we are working on others; so there are deals out there; if you work with us, we will find them for you.
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At our Real Estate Team; Hoey Team ☘ we have been succesfully working 100% virtually / remotely for the past number of years as we continue to grow; i'm glad we already had systems in place to better help sellers and buyer with goal posts continually moving in our industry.
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