If the United States were part of the European Union, it would rank fourth behind Estonia and just ahead of the Netherlands in terms of the rate of house price growth.
House and apartment prices in the United States rose 16.9 percent last year, the highest rate of house price appreciation since 1999. Last year also marked a record for the number of homes or apartments traded, which climbed to 6.12 million. That’s 8.5 percent more than in 2020. Citing the National Association of Realtors, CNN America reported.
By the end of 2021, there were the fewest unsold properties on the market ever. The number of houses and apartments waiting for their buyers amounted to 910 thousand in December. The chief economist of the National Association of Realtors Lawrence Yun expects the price of real estate to slow down this year. “I think it could be three to five per cent,” he said.
Yun said Americans also need to prepare for rising interest rates on mortgage loans. The average for a 30-year fix hit 3.56 percent in January, the most since March 2020. Experts expect such developments to contribute to cooling home price growth.