Home prices in the US increased by nearly 20%

The owner of a house in the US intends to sell his house at the beginning of this year, but because he has not been able to find a repairman to renovate the interior, it is only now being completed. Slow to sell, in this case, is lucky, because according to realtors, the house at this time will sell for a higher price than before, about 200,000 USD.

“This house we are preparing to put on the market with an expected price of about 1.5 million USD. The interesting thing is that just a few months ago, when the owner wanted to sell, we agreed on a price. At that time it was about 1.3 million USD or 1.35 million USD. Now, it is over 1.5 million USD,” said Ms. Bic Decairo, DeCairo & Associates/eXP Realty, USA.

Over the past year, home prices in the US have increased by 19.2%. (Illustrated image – Photo: Getty Images)

Statistics show that, in the past 1 year, home prices in the US have increased by 19.2%. The 20 cities in the US with the highest rate of house price growth, concentrated mainly in the South and Southeast of the United States. The top 3 cities on the list, with an increase of over 30%, are Miami in Florida, Phoenix and Tampa in Arizona.

The house rent has increased, the monthly mortgage payment is also above 5%/year, the highest level in the past 12 years. According to calculations, each family has to pay more than 550 USD/month for a 30-year home loan.

“Every year on average in the US there are about 1.5 million new homes built, but during the economic downturn, they stop and they only build about 300,000 – 500,000 units, so there is always a shortage of houses. The economy returned to normal 5 – 6 years ago, the demand for housing is increasing,” said Vinh Nguyen, Westgate Realty Group, Inc., USA.

In addition to supply, other factors that determine home prices in the US are the inflation rate and lending rates. Many forecasts show that lending rates will increase in the near future, but the impact on house prices in each area is different.

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