OAN’s James Meyers
3:44 PM – Monday, May 13, 2024
A recent analysis by ResiClub of the Case-Shiller National Home Price Index has unveiled a staggering increase in U.S. home prices, soaring a hefty 47.1% since 2020.
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The latest increase in the housing market in the early 2020s has outpaced both the 1990s and 2010s, and is now threatening to surpass the entirety of the 2000s.
Housing prices in those two decades grew 30.1% and 44.7%, respectively.
Additionally, housing price growth in the 2020s is on the verge of eclipsing all growth seen in the 2000s, which was 47.3% after eclipsing over 80% before the 2007 housing market crash.
This decade’s housing market frenzy was said to be pushed by the COVID-19 pandemic, which triggered an unforeseen rush by home buyers. This also resulted in a 20% surge in prices within a mere 12 months.
However, despite mortgage rates increasing by a staggering 7%, double what they were at the peak of the pandemic, home prices refused to stay level.
The median U.S. home sale price hit $420,800 in the first quarter of this year.
At the beginning of the decade, the home sale price was at $327,100 and was significantly less at the beginning of the 1990s era.
According to Lance Lambert, co-founder of ResiClub, housing price growth in the first 50 months of this has outpaced not just one, but over the last three decades combined.
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transitory inflation – obviously