Topnewspro.com The “United States Real Estate Market” news has been added by Logic Research and Solutions.
A recently released report highlights in the area of affordability slipping and inventory declining while rising in the interest rates and housing prices. This implicates the spring 2018 Real estate market in the USA and whether it’s good news or bad.
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Dr. Ralph De Franco, author of the report and Global Chief Economist at Arch Mortgage Insurance provides these insights: “The other factor is the United States is underbuilt. There are 1-2 million fewer units out there than there should be based on population growth.”
The United States Real Estate Market Overview
According to the report, the size of the monthly mortgage payment needed to buy a home rose nearly 5% over the past three months. The picture gets bleaker towards year-end with affordability possibly decreasing an additional 10%-15%. Arch also looks to a 17 percent increase in monthly mortgage payments for cities, including Tampa, FL; Riverside, CA; Chicago; and Washington, D.C
The result does not only do Millennials have fewer housing options, baby boomers looking to downsize also have limited options.
In the San Francisco area, an astounding 70% of homes sold for above-asking prices in March. The greater Los Angeles area saw price increases of 14% from March 2017. According to Hepp close to half of the homes there sold above asking price up, from 38% for the same period last year.
Emerging Trends of Real Estate in USA 2018:
Real estate continues to attract capital, demonstrating its stability and appeal over other asset classes in an otherwise uncertain investment world.
Real estate executives are less concerned with changing the way they run their businesses in the face of disruptions of all kinds, such as cyber threats and technological change, compared to global CEOs in other industries. Only 10% are worried about the speed of technology change compared to a 38% global average.
Protect and the disruptive technologies most exercising real estate:
Can an industry that has for so long operated under the comfort blanket of access to scarce resource thrive in a new world of shared access and digital connectivity?
Big data, boosted by AI and blockchain applications are developments that real estate knows will have big implications, but currently finds somewhat difficult to get its head around.
Lines between traditional real estate companies and new entrants mainly from the technology/services field are becoming blurred. Better access to data – the new ‘oil’ for the real estate sector – could allow technology companies or new entrants to dominate entire sections of real estate.
United States Real Estate Market Forecast
The Real Estate industry report from Statista consolidates the most important industry information while highlighting essential and valuable data regarding the status quo and trajectory of the industry with forecasts through the year 2022. As per the market study, it is seen the value of the United States Real Estate Market is growing faster and upwards and expecting the same in the near future.