Home Prices Jump $1 Every Two Minutes
So I read that home prices jump one dollar every two minutes in a local headline in a recent Sunday morning paper; and it’s true. In fact, more than a few states are experiencing hot real estate markets and sizzling local economies as well. By all accounts, the national economy is recovering from the Covid pandemic, service industries are rehiring especially as states open up fully. However, still trending is the continued virtual home office. Along with that, families are relocating, because, now freed up from commuting limitations, they can choose where to live. Moves seem to be based on several factors such as more space, suburban versus urban life, and climate. Because of this, there seems to be a pattern in the top 5 and bottom 5.
The top 5: 1)Utah. 2) South Dakota. 3) Montana. 4) New Hampshire 5) Idaho.
The bottom 5: 1)Illinois. 2) New York. 3) Washington DC. 4)Louisiana. 5) Hawaii.
The factors used in establishing these lists were cost of living, home prices, mortgage defaults, and job growth. SoCal remains a strong and recovering economy, but is showing a struggle with cost of living and housing shortages.