Welcome to today’s real estate news roundup! In the latest updates, U.S. home prices have reached a record high for the second consecutive month, while sales continue to decline. Experts attribute these trends to factors such as high demand, low inventory, and persistently high mortgage rates. Despite rising prices, total housing inventory has been increasing, although it remains lower than pre-pandemic levels. The Biden administration has proposed measures to make housing more affordable, and states have implemented their own policies to address inventory and affordability issues. To learn more about these trends and their impact on the housing market, check out the full articles below:
- U.S. home prices hit a record high as sales fell. Here’s how housing experts explain the trends • Minnesota Reformer
- Average House Price by State in 2024 | The Motley Fool
- Best Home Warranties for New Construction 2024
- Opinion: Online communities offer real social interaction – The Minnesota Daily
- Average New Construction Value in Minnesota at $261K | State News | voiceofalexandria.com
U.S. home prices hit a record high as sales fell. Here’s how housing experts explain the trends • Minnesota Reformer
U.S. median home prices have reached a record high for the second consecutive month, while sales continue to decline. Existing home sales fell 5.4% in June, with the median home price reaching its highest level since tracking began in 1999. The northeast region experienced the largest increase in median price at 9.7%. New home sales also fell 0.6% in June, with the median sales price lower than existing homes. Housing economists attribute these trends to factors such as high demand, low inventory, and persistently high mortgage rates.
Despite rising prices, total housing inventory has been increasing, although it remains lower than pre-pandemic levels. Some households are deciding not to postpone plans to sell, leading to a shift in housing options. While the Fed’s plans to cut interest rates may provide some relief, experts believe it may not be enough to bring sales back to pre-pandemic levels. The Biden administration has proposed measures to make housing more affordable, and states have implemented their own policies to address inventory and affordability issues.
To learn more about the trends in U.S. home prices and sales, read the full article on Minnesota Reformer.
Average House Price by State in 2024 | The Motley Fool
The median home sales price in the U.S. for the second quarter of 2024 is $412,300, down from the previous quarter and lower than the previous year. While house prices experienced rapid growth from mid-2021 to late 2022, the market has started to cool off. Mortgage rates played a significant role in driving up demand, but they have been rising since 2022, leading to a drop in house prices. Each state has its own average home prices and affordability levels, with some states being more affordable than others. To explore the average house prices in each state and learn more about housing affordability, read the full article on The Motley Fool.
Best Home Warranties for New Construction 2024
When moving into a newly built home, unexpected issues can still arise, making a home warranty a beneficial investment. The Guides Home Team has evaluated and scored the best home warranty companies that offer premier coverage for new construction. These warranties can help cover the cost of repairs or replacements for major systems and appliances in your new home.
Each provider offers different coverage options, so it’s important to review the fine print of their sample contracts to understand the terms and exclusions. Liberty Home Guard, American Home Shield, Select Home Warranty, and Elite Home Warranty are among the top choices for new construction home warranties, offering various plans and additional benefits.
To learn more about these home warranty providers and find the right fit for your newly built home, read the full article on MarketWatch.
Opinion: Online communities offer real social interaction – The Minnesota Daily
Online communities have become a vital source of social interaction for many individuals, providing connections and friendships that may not be possible in the offline world. These communities offer a variety of benefits, from exchanging professional information to sharing unique hobbies and interests. While online friendships may differ from in-person relationships, they can still broaden one’s worldview and provide a sense of companionship.
Anonymity within online communities can offer both opportunities and risks, allowing for open communication but also enabling harmful behavior. However, genuine and authentic connections can still be formed online, as long as individuals remain cautious. Online communities can serve as a platform for learning, entertainment, and even identifying health issues through shared experiences.
While in-person friendships may always hold a certain superiority, online communities provide a valuable space for social interaction and connection. It is important to navigate the internet wisely and find communities that align with personal interests and values.
To read the full article on the benefits of online communities and their impact on social interaction, visit The Minnesota Daily.
Average New Construction Value in Minnesota at $261K | State News | voiceofalexandria.com
Despite stabilizing home price growth, homeownership remains a challenge for many Americans due to low inventory and underinvestment in affordable housing. A recent survey by the Cato Institute found that 87% of Americans are concerned about housing costs, with 55% of homeowners unable to afford their current homes at today’s prices. The shortage of available homes has intensified competition and driven up prices.
Residential construction spending has also decreased, exacerbating the problem of limited housing inventory. While some states and cities are managing to build more affordable housing units, nationwide construction spending has declined. Delaware has the lowest average construction cost per new residential unit, while Hawaii has the highest. Among major metropolitan areas, Richmond, VA reports the lowest average cost per new housing unit, while the San Francisco, CA metro has the highest.
In Minnesota, the average new construction value is $261,000. To learn more about construction values in Minnesota and across the United States, read the full article on voiceofalexandria.com.