Housing prices have been squeezed since the covid-19 pandemic. At the beginning of 2020, the median stood at $329,000. Nearly four years later and that has increased to $431,000, a 31% increase.
The 30-year fixed rate home loan stands around 7.5%, the highest rate seen in decades. Prices have started to come down slightly thanks to these higher rates, with the average median price $40,000 higher last year compared to today.
Of the homeowners who bought a property in the past year, 46% indicate that they are struggling to manage their monthly mortgage payments due to high interest rates, per USA Today.
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Despite this, homes are by no means affordable.
“You’re not getting a bargain. In most major markets, particularly east of the continental divide, home prices are at record highs, and the cost of financing the purchase is the highest in more than 20 years,” said Greg McBride, chief financial analyst at Bankrate.com.
This relative decrease is needed for new homeowners in California, which already had crazily high prices. The median price of a house in the state was $760,526 in June of this year.
California is a hub for various industries, particularly the tech sector in Silicon Valley. The job opportunities and high salaries attract people from all over the world, increasing the demand for housing. Building houses is the most expensive state in the country with strict...
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