September 19, 2021

SHSU Houstonian Online

Read all latest news headlines from USA, UK and around the world, get today's breaking news and live updates on politics, elections, business, sports, economy,​ …

Homes are 16 percent more expensive than the previous year, the largest increase in more than 20 years

Homes are 16 percent more expensive than the previous year, the largest increase in more than 20 years

An overheated housing market broke another record in July. An existing owner-occupied home was 16 percent more expensive that month than a year earlier. It’s the largest price increase since October 2000, according to research by the Central Bureau of Statistics and Land Registry.

in July. mentioned The NVM Real Estate Association already reports that today’s buyers are spending on average more than four hundred thousand for an existing home, the highest amount ever measured by NVM. Buyers in particular have to dig into their pockets to get a detached home.

To get a home, buyers increasingly have to more than half a ton above the asking price. In extreme cases, brokers speak of irresponsible excess offers. “If people want to pay for it, they are free to do so,” said NVM Chairman Ono Howes.

Build, build, build?

The Real Estate Association called on the government to do something about the overheating housing market, as the supply of homes is drying up. orphaned economists earlier In rising prices not only for the shortage of housing, but particularly for the financial reasons behind the increase.

De Nederlandsche Bank, for example, has described cheaper home financing as an important factor in rising home prices. The International Monetary Fund also stated that the taxation of home ownership very creamy This has resulted in an artificial increase in demand for owner occupied housing.

See also  This is what the 10 largest municipalities want to do against home-buying investors