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The current housing market Home sale prices: The country’s median existing-home sale price in June 2024 was $426,900, according to the National Association of Realtors (NAR) — the highest ...
In July, the housing market had a 4.0-month supply of housing inventory, a 19.8 percent improvement over last year but still below the 5 to 6 months needed for a healthy, balanced market — one ...
And housing starts have still not recovered from the bursting of the housing bubble in the mid-2000s. Divide between haves and have-nots The forecast for a “stuck” housing market cuts both ways.
The report's key figure, the "Housing Wage," reveals the hourly earnings necessary for full-time workers to afford fair market rental homes without exceeding 30% of their incomes. Nationally, the 2023 Housing Wage is $28.58 per hour for a modest two-bedroom home and $23.67 per hour for a one-bedroom home.
A lack of housing options creates a very competitive market, in which many buyers must compete for few available properties. This often results in bidding wars and drives up home prices.
The term housing crisis refers to acute failures in the housing market at a given place and time. Depending on the context and the speaker, the term has taken on substantially different meanings. [1] A prominent current use, for example, refers to shortages of available housing in the United States and other countries, but it has also been used ...
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