Posted on 08/07/2023 1:23:08 PM PDT by ChicagoConservative27
Home prices are ticking up again and reaching new highs in many markets across the country, according to a new report.
Prices grew by 0.8 percent in June after slowing for more than a year, pushing prices to record levels in around 60 percent of the nation’s major housing markets, the report from Black Knight showed.
Overall, annual price growth was greatest in markets in the Midwest and northeast regions of the U.S., while the strongest price growth was seen in Hartford, Seattle and San Jose.
Median home prices in the pandemic-era boomtown Austin fell furthest below their 2022 peak, the report revealed.
(Excerpt) Read more at thehill.com ...
Bought my first house in 1978. It, also, was 900 sq ft. It was a 30 ft x 30 ft box with THREE bedrooms, a living room, a dining area, a kitchen, and a single car garage. Take away that garage and you had about 680 sq ft of living space. Paid $100,000 for it back then. Sold it five years later for a 50% profit and thought I did ok. Should have held on to it but needed to cash out to move to the next place.
“Worth it” is entirely subjective. That’s the beauty of free markets. “Worth it” means what somebody will pay, nothing more, nothing less.
“House is 900 SQ. Not worth it. Taxes are 6K”
That was true in the past. Still true for families trying to buy a home.
But that’s not who is buying up the supply of America’s single family homes.
You’re seeing the impact of institutional investors. Wall Street. Wealthy foreign investors. Hedge funds fronting for China’s sovereign wealth fund.
We’ve seen this in California for years. Average Americans won’t have a prayer of being anything but renters.
It’s unfortunate that so few people today are actually capable enough to build their own homes.
“Hartford”
Lol—one big ghetto.
The reality is that the metro area is 90% outside of the city.
They must be using a rolling average over 6 or 12 months. Zillo and Reventure have houses down 3%-10% since Jan 2022 in the top 100 markets.
https://www.beta.reventure.app/dashboard
30% of sales had a 10k price cut last month in my state.
I dont know how anyone signs up for a new mortgage that is going to cost them 3 times what the old one did. I got 16 more years at 3%.... Ill move out to the trailer on the driveway and the wife and her boyfriend can stay in the master bedroom when financed at 3% vs 7% and the property tax adjustment.
They have started going up in my neighborhood. The worth of my house has gone over the million-dollar mark again.
Atlanta is still a hot market. Very low inventory.
If I may ask, what might the approximate Insurance be a year as well for such a place?
In Mark Twain's time it was considered one of the most beautiful cities in the U.S. I84/95 ended that. Democrapping turned it into an even bigger sewer.
One big problem is the way homes are made. It has not changed substantially in over 100 years, perhaps more.
Try to imagine any industry that, for the most part, does things the way they were done in the 1920’s. Back then labor was cheap but now it’s not.
How about a little innovation such as this:
https://www.thezebra.com/resources/home/3d-printed-homes/
“Cost: 3D-printed homes are surprisingly cheap to create, running around $10,000 on average today. 3D-printed home leader ICON hopes these homes are even more affordable in the future, with a projected goal of reducing builds down to $4,000. Once plumbing, electrical and other additional construction is added, the final housing cost is around $140,000 to $160,000 on average today.”
Hartford suffered the fate of so many East and Midwest cities.
It was a boom town a hundred years ago with factories everywhere producing a wide variety of products.
Then the factories closed and the folks who stuck around....well you know the rest of the story.
That said—there are some wonderful burbs and especially exurbs in a ring around the city.
Pretty expensive neighborhood. In 1978 you could buy a brand new house almost 3X that square footage with a 3 car garage in the East (SF) Bay Area. Now about $1.4M
What made CT the great state it was back in the middle 1800s was:
GUNS
The manufacture of FIREARMS.
The cost to build a new home today is still much higher than the cost of the same square foot existing house.
The main cost behind that is Labor.
However, that labor is also incorporated into the price of the most expensive components of a house: doors and windows.
I just replaced a standard 6’ sliding door with a brand new Marvin door.
Just the door was $2300.
Then all my labor to remove the old one.
Replace all the rotten wood and install the new door. I still have to replace the trim on the inside and out.
All together it will be over $2500 for ONE door
Commies at The Hill think this is great news for Biden, I’m sure.
You really think homes haven’t changed in how they are made? During the 1970’s I think is when homes started being pre-manufactured, much like a mobile home. They build the truss, and frame with pine, put up drywall with staples, and using standard format floor plans. If you want a basement, that’s just another cheaply built one piece concrete pour that will crack within the first year. Then they just roll the house down the highway on a wide load trailer.
I think home building has changed significantly over 100 years, and not for the better. My house was built on-site in 1955 with solid wood framing (with brick on the facade) that was probably ‘green’, with a concrete block basement. Way different than what they do now.
CORRECTION!!!
That would be $9,000 a year!😬
Sorry folks!🥴
That’s a gorgeous home! Astonishing price rise and over almost 20 years. You probably wish you had found a way to buy two, three or four such places (I know I often dreamed about that).
Of course, the problem is you need a place to live so you won’t want to sell it until you retire and downsize.
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