Rapid Rise in U.S. Home Prices: A Chonky Wallet’s Worst Nightmare
Breakin’ it down for the peeps:
- U.S. sweet, sweet habitats, aka homes, have seen their prices go up faster than my dog when he hears the word “treat”. A whopping 86% of 221 metropolitan areas have reported price hikes according to NAR (or, “Not A Rapper”, but the National Association of Realtors).
- Get this: the rising trend didn’t just stop at a night, or even a fortnight. Choosing to smash right through 2020’s fourth quarter, house prices inflated by 3.5 percent. Geez, my weight didn’t even rise that much after the Thanksgiving dinner.
- All this info is fresh off the press, from our buddies at NAR and their data report they slung our direction Thursday.
My Sizzling Hot Take
Alright, here we go: it’s like the U.S. housing market is on a sugar high, and everyone is scrambling for a toothbrush to prevent a real estate cavity! Was that enough confectionery metaphor? Seriously though, with prices shooting through the roof, it seems our roofs are slated to get fancier and pricier. I’m all for making a home your castle, but if we’re no longer talking renovation and straight up tax brackets, Houston, we’ve got a problem!
And this ain’t only a little poke in the homeowner’s wallet, it’s a big, purple, bruising wallop. With an eye-watering 86% of metropolitan areas seeing property costs go up, I’m left separating my change and wondering if under-the-bridge-living is the next hipster trend – it comes with free, natural air conditioning after all!
So whether you’re an aspiring homeowner stuck gyrating the “is it worth it” hula hoop, or a real estate mogul stroking your cat while walking in your money vault, brace for impact. The property world’s playing dodgeball, and buddy, it ain’t pulling punches!
Original article: https://www.inman.com/2024/02/08/falling-rates-helped-drive-home-price-growth-in-q4-nar-says/
