House prices hit a record high.Properties that sell in about 17 days on average – Lexington-Fayette, Kentucky

Lexington-Fayette, Kentucky 2021-06-23 19:23:42 –

Home prices are at unprecedented levels, as reported by anyone looking to buy a home in the United States. Now, the new report confirms that and some in the industry are worried about who is left behind in the race to get a home.

Jessica Lautz, Vice President of Demographics and Behavioral Insights at the National Association of Realtors, said:

She is referencing NAR latest report Median home prices in May 2021 were just over $ 350,000 in the United States, up 24% from May 2020. Given that the coronavirus pandemic has closed almost every industry, we need to compare a grain of salt year-on-year. A year ago, median home prices were at record highs.

Stagnation in demand is pushing prices up as more people are entering the housing market at the same time. Inventory of available homes continues to decline.

According to NAR’s monthly report, inventories increased by only 7% from April to May 2021 and decreased by 21% from the number of units available a year ago.

Lautz says this will be a problem in the coming years.

“We’ve been running out of buildings for over a decade. Last year, people were worried about selling and stayed home,” Lautz said.

The competition is fierce. Compared to the 26th in the market in May 2020, homes are sold in just 17 days.

“What’s really worrisome in this homebuyer market is that we’re leaving a lot of people behind. We now see that almost a quarter of all transactions are all cash. These are wealthy. It’s a great buyer, “says Lautz.

First-time homebuyers have been left behind, according to Lautz, and the numbers show that this group of buyers is at historically low levels. Has increased by only 31% Home sales in May 2021.

But someday people who dream of owning a home may find relief on the horizon, she says. According to Lautz, people who were nervous about selling during the pandemic are starting to list their properties, and the construction of new homes is skyrocketing.

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