In April, home sales declined by 2.5% to an annualized 5.46 million. By itself, this is not a remarkable story.
More noteworthy is the continuation of a trend that has shaped the US real estate market since its low in 201
In April, the median of the existing home price rose by 5.3% over the previous year, the 74th consecutive month is an annual increase in prices of apartments already built, according to the National Association of Realtors.
The number of apartments for sale fell last year for the 35th consecutive year to a total of 1.8 million.
At the current selling price, which reached an annualized rate of 5.46 million in April, only 4 months left unmarked inventory in the market and homes were for sale for just 26 days in April with 57% of homes sold remaining for less listed as one month.
<p class = "Canvas Atom Canvas Text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "" I nventory shortage is still worse th And in recent years, house prices have gone beyond what many home buyers can afford, "said Lawrence Yun, chief economist at NAR. " data-reactid = "27 [I] nventory momentages are even worse than in In recent years, housing prices are still climbing beyond what many home buyers can afford, "said Lawrence Yun, chief economist at NAR.
"What's on sale is quickly signed up Tempo Since NAR started capturing that data in May 2011, the mid-days on which an offer was on the market were at an all-time low in April and the Proportion of homes sold in less than a month reached an all-time high. "19659007] So, during one of the most prevalent post-crisis economies, the millennium in the basement – with the new one of this week that did no favor to the generation – was on track The job market and wages are not enough to overcome a housing market that disadvantages new entrants. Namely, Millennials who want to own their first home.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "" Given rising mortgage rates and rising Real estate prices, a rise in real estate supply is absolutely crucial in order to protect the affordability conditions from further deterioration, "said Yun. The current rate of price increase far beyond income is not sustainable in the long run. "" data-reactid = "30"> "With residential mortgage rates and house prices on the rise, increasing housing supply is critical to keeping affordability conditions from worsening further," Yun said. "The current pace of price rises far above income is not sustainable in the long term."
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<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) –sm" type = "text" content = " Myles Udland is an author at Yahoo Finance and follows him on Twitter @MylesUdland " data-reactid = "33"> Myles Udland is an author at Yahoo Finance. Follow it on Twitter @MylesUdland