Home prices notch record high while supply remains low | What’s Working

A median-priced home on the Seacoast hit a record $615,000 last month, helping to fuel a statewide price milestone as well.

“It already has created an affordability issue,” said John Rice, chief statistician for the Seacoast Board of Realtors, which represents 13 cities and towns, including Portsmouth and oceanfront communities.

“The median price of a single-family home in Portsmouth is probably roughly $300,000 more than Dover and Rochester,” said Rice, an associate broker at Tate & Foss Sotheby’s International Realty in Rye.

“Every night, you see a sea of traffic going from Portsmouth to Dover and Rochester,” Rice said of workers commuting home.

Statewide, a tight inventory of homes for sale helped boost prices to a record $350,500 for a median priced home last month — 14.9% higher than a year earlier.

“It’s a great time to be selling and a lousy time to be buying,” said Russ Thibeault, a

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US In Danger Of Becoming A ‘Renter Nation’ As Home Prices Hit Record High, Says Investor

KEY POINTS

  • Every $1,000 increase in home price pushes 150,000 buyers away: Report 
  • Rental prices have dropped by 0.1% since last month: Report
  • Homebuying is currently led by people with jobs and equity

Rising demand for homes, unprecedented levels of mortgage rates and low supply have pushed home prices out of reach for prospective homebuyers, which could make America a ‘renter nation,’ Grant Cardone, a real estate investor, told Yahoo.

“Homeownership is still dead in this country because the only people that are buying homes right now are people that have equity, great credit, and a job,” Cardone said.

For every $1,000 increase in home price, 150,000 buyers are priced out of a possible home purchase, according to a recent report by the National Association of Home Builders (NAHB).

The fall season is known to be good for real estate as home prices fall during this time. Realtor.com, however, suggests

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Westchester Home Prices Pushed to Record High By Bidding Wars

(Bloomberg) — Home prices in Westchester County surged to a record in the third quarter as bidders from New York City battled for a chance to buy a suburban retreat.

The median price of single-family homes that changed hands in the quarter jumped 16% from a year earlier to $808,500, the highest in data going back to 1986, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate.



chart, histogram: Sellers Winning in Westchester


© Bloomberg
Sellers Winning in Westchester

Open houses have drawn crowds, and multiple offers on the same day, largely from city-dwellers seeking space for a prolonged period of working from home throughout the Covid-19 pandemic. Their purchases nearly cleared the market of listings, which tumbled 30% from a year earlier.

“We’re all preparing for what could be a second wave of spiking cases,” Douglas Elliman President Scott Durkin said in an interview. “Everyone is positioning themselves

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Autumn of heartbreak for home shoppers as Seattle-area prices hit new record highs

In a normal year, September would be when housing prices begin to level off.

But what about 2020 is normal?

Pulled up by unrelenting demand and an inventory drought, King County home prices hit a new all-time high of $753,600 in September, a 14% bump over last year, according to new data from the Northwest Multiple Listing Service.

Potential sellers are hunkering down, choosing to refinance rather than list, reducing the number of homes on the market in all of Western Washington to half as many as last year.

The market for homes priced less than $800,000 is especially intense, brokers said, as first-time homebuyers and former condo-dwellers look for more space as the pandemic drags into its eighth month.

For buyers seeking to compete at that price point, bidding wars, fleeting listings and all-cash offers are the norm. Typical for this market: The two-bedroom Wedgwood rambler that sold in

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Australia plans big spending pandemic measures, record debt

CANBERRA, Australia – The Australian government Tuesday will reveal a big spending financial blueprint for the next few years that will drive business investment and job creation while repairing pandemic damage to the economy, the treasurer said.

The government is also expected to accrue record debt in the current fiscal year that ends on June 30, 2021, Treasurer Josh Frydenberg told reporters.

“I will lay out our economic recovery plan to rebuild the Australian economy and secure Australia’s future,” he told reporters.

Budget plans usually delivered in May were delayed this year due to the economic uncertainty created by the coronavirus pandemic. The forecasts assume a COVID-19 vaccine will become available next calendar year.

“Our plan will create jobs. Our plan will create opportunity. Our plan will drive investment. Our plan will grow the economy and guarantee the essential services Australians rely on,” Frydenberg said.

The annual budget is expected

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Oahu home prices surge to second consecutive monthly record

Reduced inventory and exceptional demand for bigger homes in September helped set a new price record in Oahu’s housing market that shattered a prior record from a month earlier.

The Honolulu Board of Realtors reported today that previously owned single-family homes on Oahu sold for a median $880,000.

September’s median sale price was 13% above the year-earlier figure of $770,000 and doused the prior record of $839,000 from August.

Some local real estate agents have said in recent weeks that extended government emergency orders aimed at containing the spread of COVID-19 are causing many people to spend more time living and working at home, prompting a significant number to seek bigger accommodations.

“Ultimately, the COVID-19 pandemic has changed how buyers think about purchasing a home, causing them to reevaluate their housing goals and priorities,” Tricia Nekota, president of the trade association representing real estate agents, said in a report released

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Las Vegas home prices set record in September

Las Vegas home prices set another all-time high last month, continuing a “remarkable” streak amid an otherwise badly battered economy, a new report says.

The median sales price of previously owned single-family homes – the bulk of the market – was $337,250 in September, up 0.7 percent from the previous record, set in August, and 8.8 percent from a year ago, according to trade association Las Vegas Realtors.

Sales volume accelerated even faster, with buyers grabbing 3,270 houses last month, up 12.4 percent from August and 18.9 percent year-over-year.

Las Vegas’ tight inventory eased a bit, as 4,798 houses were on the market without offers at the end of September, up 3.4 percent from the end of August. But the tally of available listings was down 34.6 percent from September of 2019, LVR reported.

The association pulls data from its resale-heavy listing service.

“Local home prices keep setting records, which

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Toronto home prices hit new record as sales soar 42.3% in September

Demand for detached properties helped fuel another month of double-digit sales growth and record-breaking prices in Canada’s largest housing market in September.

The total number of homes sold across the Greater Toronto Area surged 42.3 per cent year-over-year to a new record for September as 11,083 properties traded hands last month, according to data released Tuesday by the Toronto Regional Real Estate Board (TRREB).

Detached homes accounted for more than half of the activity as 5,559 sales were recorded in the month, representing a 55 per cent increase from last year. Meanwhile, condo activity lagged as sales rose 14.6 per cent year-over-year.

The average selling price for all homes rose 14 per cent year-over-year to $960,772 — marking a fourth consecutive month of record average prices in the GTA after the previous all-time high of $951,404 was registered in August.

“Improving economic conditions and extremely low borrowing costs sustained record-level

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Median U.S. Home Price Hits Nearly $320,000, a New Record, Redfin Says

U.S. home prices surged to new heights in September, though there are signs the country’s frenzied housing market may be cooling off, according to a new report.

The median home sold for $319,769 in the four weeks ending Sept. 27, a 14% increase from a year ago and the highest price on record, according to the report from real estate firm Redfin on Monday. U.S. home prices haven’t increased that dramatically since mid-2013.


The pandemic, which forced millions of Americans to shelter, work and school at home, has spurred intense home-buying activity. Pending sales were up 30% year-over-year in September, according to the Redfin report.

Redfin created their own measure of demand recovery, an index that in the last week of September was 34.8% higher than pre-pandemic levels in January and February.

Meanwhile, the number of active listings on the market hit a new all-time low in September, with 28%

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US pending home sales leap to record as housing-market surge continues

A ‘sale pending’ sign is displayed in front of a home for sale May 24, 2010 in San Rafael, California. Government incentives and low mortgage rates helped April home sales surge 7.6 percent in April, the biggest gain in five months.


  • The National Association of Realtors’ Pending Home Sales Index surged 8.8% last month to an all-time high of 132.8, signaling the US housing market’s rally continued into the fall.
  • Economists surveyed by Bloomberg expected an increase of 3.1%.
  • The reading is the fourth-straight climb for the index. All four major US regions notched growth in August, with the West seeing the biggest improvement.
  • The pace of home sales rocketed through the summer as Americans leveraged record-low mortgage rates. The sector has served as a rare bright spot in the pandemic-rattled economy.
  • Visit the Business Insider homepage for more stories.

Record-low mortgage rates drove home sales

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