Cities With the Most Expensive Real Estate
New data from the Case-Shiller Index reveals that the housing market is rising at a rate that hasn’t been seen in decades. While the year-over-year change in home prices hit a historic high in 2005, that housing boom was tame compared to 2021 when considering the speed at which prices have risen in the past year. Home prices have been rising for over a decade; however, prices have been skyrocketing at near-record rates—13.2% in March 2021. Fueling the blazing housing market has been five main factors, according to a January 2021 analysis from Harvard University’s Joint Center for Housing Studies. These include a prolonged housing production shortfall since 2008; record-low mortgage rates; fewer homes for sale due to stay-at-home orders and pandemic concerns; a shift in family spending away from travel and entertainment toward housing; and an acceleration of second home purchase. These factors combined to spur housing price increases felt on national, state, and local levels.
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New Tucson lounge to embrace dark and cozy
