More cities have hit the $1 million mark amid rising home prices, especially in California.
A year ago, real estate marketplace Zillow found 491 cities where the typical home value was $1 million or more. That number grew to 550 cities this year, according to Zillow.
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Home prices for the 10 largest cities in the U.S. rose by 7.0% year-over-year in December, up from 6.3% in the previous month, according to Standard and Poor’s Case-Shiller home price index report.
The top 20 cities had a slightly less pronounced increase, with prices rising 6.1% year-over-year as of December, up from 5.4% in November, according to the index. The increase in costs is coupled with a rise in the average for a 30-year mortgage rate, which ticked up to 6.90% the week of Feb. 22 after declining slightly from the recent peak of 7.80% that was seen in October, according to the Federal Reserve Bank of St. Louis.
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New data from China shows the country’s economy is still failing to recover from the loss of growth it has seen since the COVID-19 pandemic, according to The Wall Street Journal.
While China’s economy did grow in November in a number of key areas, it was lower than economists’ expectations and was bolstered by a comparison from last year, when the country still maintained strict COVID-19 restrictions, according to the WSJ. Retail sales, which supports the key growth factor of domestic consumption, only rose by 10.1% year-over-year compared to the 12.9% growth that was expected, and fixed-asset investment rose 2.9% from January to November, as opposed to expectations of 3%.
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Pennsylvania homebuilders are caught in a bind: labor costs are high and the state’s bureaucracy slows down construction.
The result is a situation where it takes months longer to build a house in the commonwealth and prices are higher.
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The cost of living is skyrocketing in certain “migration destination” cities where those fleeing mostly blue states are landing, according to a newly released report.
Redfin released the analysis, which shows that cities like Atlanta, Phoenix and Tampa have seen higher rates of inflation than the country overall. According to the report, those increases are “double the inflation rates in San Francisco and New York, places people are moving away from.”
“Migration into those places is one reason for rapidly rising prices of consumer goods and services,” Redfin said. “Because of high inflation, including rising home prices, the financial advantage of living in what are now relatively affordable places is likely to diminish.”
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U.S. home prices surged in October as the housing market remains strong after the COVID-19 pandemic, according to a key economic indicator.
Home prices climbed 18.4% in October compared to one year earlier, a deceleration from a 19.1% year-over-year increase in September, according to the S&P Corelogic Case-Shiller Index. Experts surveyed by The Wall Street Journal projected the index would grow 18.6% in November.
All 20 cities included in the index posted double-digit annualized gains. Phoenix saw a 32.3% increase, Tampa Bay, Florida, grew 28.1% and Miami increased 25.7%, according to the report.
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