Home prices are nearly
12% higher
than a year ago, on average
BY 

What home prices will look like in 2023, according to Fannie Mae
Homebuyers just got more bad news: In January, 70% of homes for sale ended up in a bidding war. That’s the highest rate on record. Simply put: So far, 2022 hasn’t delivered any relief for home shoppers.
Heading into 2022, there was a broad consensus in the real estate industry that home price growth would decelerate significantly this year. But just over two months into the new year, some of those same firms are walking back their 2022 forecasts. Read More
-Demand is still huge-
The bad news for homebuyers: Over the past year, the U.S. has seen the fastest period for home price growth in recorded history—even greater than any of the years leading up to the bursting 2008 housing bubble. The silver lining: Home values just posted their second consecutive month of decelerating price growth.
Realtor.com's weekly housing trends report takes a look at where the market stands on both a week-to-week and year-to-year basis. And, as of the week ending Jan. 29, demand was still sky-high.
The U.S. median listing price is 11.8% higher than it was at this time last year, the site says. That's the seventh straight week of double-digit gains. It comes despite mortgage rates inching higher and continued bidding wars for sellers.
Supply remains an issue, with new listings down 7% compared to the same period in 2021. The pace of that decline has been shrinking since the start of the year, though, Realtor.com says, and we could start to see a growth in listings compared to 2021 by March or so, right as the spring (typically a busy time for realtors) Read More


The Typical U.S. Home Changes Hands Every 13.2 Years
-Who do you know, who is thinking of selling?-
1 out of every 12 homes in the United States is now valued at $1M or more
A record 8.2 percent of homes were valued at $1 million or more in February, according to a new report from Redfin released Wednesday.
The figure represents approximately 6 million American homes that hit the $1 million mark in February, a sharp increase from February 2020 on the eve of the pandemic when just 4.8 percent of homes — or 3.5 million — had a $1 million-or-more price tag.
While it’s not unusual for home values to increase over time, the rate at which more and more homes have crossed the million-dollar threshold has been greatly exacerbated by the pandemic housing market, which has seen a record number of buyers competing for a dwindling supply of homes driven by remote work relocation and low-interest rates. While it has been a boon for homeowners looking to cash in on their equity, it has also pushed more and more buyers out of the market.
“The surge in housing values has turned many homeowners into millionaires, but has pushed homeownership out of reach for a lot of other Americans,” Redfin Deputy Economist Taylor Marr said in a statement. “Incomes have increased, but not as fast as home prices, which means many people are stuck renting or have to move somewhere more affordable if they want to buy a home.”
Of the top 10 cities with the most million dollar homes, seven are in California, according to the report, with San Francisco topping the chart with a mind-boggling 88.7 percent of homes worth at least $1 million. San Jose came in at a close second with 85.9 percent homes worth $1 million, before a sharp drop off brought Anaheim in at third place where 55.3 percent of homes are over $1 million.
Anaheim has also seen the largest jump in million dollar homes out of any of the top 10 cities, with its 55.3 percent data point 28 percent higher than its share in 2020.
The Bay Area has long been seen as the most expensive place to live in the country with a median sales price of $1.4 million thanks to its status as a tech hub. While the pandemic has disrupted patterns of work, prices have continued to grow i stronghold even as cities like Austin have emerged as tech hotspots.
-I by Work By Referral-

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