A Decade of Changes in the Market

Happy New Year! It is a new decade, so let’s talk about the changes in the housing market that occurred in the last 10 years. MReport released an article discussing the findings of a Redfin study concerning the markets that changed significantly over the decade.

WHAT DID THE REPORT SAY?

A notable change since 2010 is the increase in home prices across the United States. The report stated that Florida was hit hard by the foreclosure crisis and home prices increased drastically. For example, in Fort Lauderdale, average home prices skyrocketed by 161%. In 2010, the average home in this area was $106,000 and now it is $278,000. Secondly, Redfin stated that the supply of homes declined in the past 10 years. Salt Lake City reported the number of homes for sale dropped by 77% . A leading cause for the drop is that Americans are living in their homes for longer. Thirdly, the MReport states that while home prices are increasing, median income rates are falling. According to the article, “Average home prices in Las Vegas increased by an annual rate of 14.1% over the decade and median incomes fell by a rate of 0.4%”. This causes homeownership rates to fluctuate.

Click here to read the full MReport article and learn more.

Click here to read the full REDFIN article and learn more.