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Will the housing market continue to boom in the coming years or are we headed for a correction with the housing market so hot this year it seems?
The median price for an existing home in the US reached $393,500 in 2021, a 14.6% year-over-year increase, marking the fastest rate since 1979.
(US Census Bureau)
The US housing market had 1.27 million homes for sale in April 2024, a decrease of 15.4% from the previous year.
(National Association of Realtors)
Currently, the average 30-year fixed mortgage rate stands at 4.2%, up from a historic low of 2.65% in January 2021.
(Freddie Mac)
A typical first-time homebuyer requires a down payment of 7%, totaling $27,510 for a median-priced home.
(National Association of Realtors)
Single-family spec home building loans in Q1 2023 had an effective rate of 13%, compared to 9% in Q1 2023.
(Mortgage Bankers Association)
By the end of 2024, housing starts are expected to reach 1.68 million units, a decline from 2022's 1.72 million units.
(Fannie Mae)
Nearly half (48%) of surveyed real estate agents experienced bidding wars in 2021, up from 30% in 2019.
(Redfin)
The National Association of Realtors' housing affordability index shows that housing affordability fell to its lowest level since 2008.
(National Association of Realtors)
Home equity, the difference between a home's market value and the amount owed on the mortgage, reached a record $20.2 trillion in Q3 2023.
(Federal Reserve)
Despite inflation and mortgage rate increases, US homeowners' total tappable equity – the portion of their home's value they can borrow against – rose to $11.5 trillion in Q1 2024.
(Black Knight)
With a homeownership rate of 65.6%, the US ended Q1 2024, slightly down from its historical average of 65.2%.
(US Census Bureau)
Owner-occupied households' median annual income grew to $85,100 in 2021, the highest median income recorded since 2000.
(US Census Bureau)
As of 2021, nearly a quarter (24.5%) of the US population resided in rental housing – the highest share in 50 years.
(Joint Center for Housing Studies of Harvard University)
A shortage of 3.8 million homes is projected by 2030, which would require annual construction of 1.6 million new homes on average between 2024 and 2030 to meet demand.
(Economist)
Due to the growing adoption of remote work, the number of people looking to move out of urban cities increased by 26.3% between February 2022 and January 2023.
(Redfin)
The US is facing a backlog of over 10 million repair and replacement projects, totaling $258 billion, due to supply chain bottlenecks.
(National Association of Home Builders)
As of 2024, about 44% of all homes in the US – or 60 million homes – were built before 1980.
(US Census Bureau)
The commercial and multifamily mortgage-backed securities loan originations decreased by 13% year-over-year in Q1 2024.
(Mortgage Bankers Association)
Solar panel installations on new homes accounted for 18.3% of all single-family and multifamily residential construction in 2021.
(US Census Bureau)
The US has the smallest new house size among developed countries, averaging 2,261 square feet, compared to 2,583 square feet in Australia in 2021.
(US Census Bureau; Australian Bureau of Statistics)
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