Home prices across the U.S. hit an all-time high
a turning point housing affordability act Amid political uncertainty, home prices in the US have reached an all-time high.
The median price of existing homes in June rose 1.8% from $432,700 to $440,660 from a year ago, according to new data. data From the National Association of Realtors (NAR). House prices have increased for 36 months.
“Housing affordability remains low due to slowing wage growth and stronger house price growth,” Ershang Liang, an economist at PNC Economics Research, said in a report.
Here are some highlights from NAR’s latest housing snapshot:
Average price for existing single-family homes: $446,400 Average price for condominiums and cooperatives: $380,000 Average price for single-family homes in the northeastern U.S.: $564,800 Average price for single-family homes in the Midwest: $346,600 Average price for single-family homes in the South: $377,700 Single-family homes in the West: $633,600
The latest data underscores the affordability crunch facing many homebuyers. Home prices have been climbing for decades; the only major decline occurred during the epic housing crisis that triggered the 2008-09 financial crisis. But costs have skyrocketed during the pandemic as the Federal Reserve lowered interest rates to support the economy.
Today, even modestly priced homes for first-time buyers are out of reach for most Americans. According to LendingTree, fewer than 4 in 10 non-homeownership households can afford a typical starter home priced around $200,000. Households need annual iincome of approximately $117,000 Redfin found a real estate company that can afford the average home.
Bipartisan bill awaits Trump’s signature
The latest increase in residential real estate costs comes after lawmakers passed the law last month. THE ROAD TO A 21ST CENTURY HOUSING CODE. The legislation would implement a range of policies to lower home prices, including removing regulatory barriers to construction, restricting institutional investors from purchasing single-family homes, and encouraging zoning reforms to speed up home construction.
Although Congress passed the bill with rare bipartisan support, it remains stalled in Washington; D.C. President Trump killed a bill in late June. Planned signing ceremony For the measure, he said he would not sign the legislation until lawmakers pass a bill known as the election law. SAVE America Act.
The fate of the housing bill remains uncertain. According to the Constitution, a bill passed by both houses of Congress and presented to the president will automatically become law unless he signs or vetoes it within 10 days (excluding Sundays), as long as lawmakers are in session.
