Real Estate Rumblings
Here's some pleasant news for potential homebuyers across the nation: Real estate investment site HomeUnion says the U.S. housing market shows signs of flattening.
According to a new report, the median price of owner-occupied homes in the U.S. declined slightly in March 2016, down 1.1 percent from the previous year to $234,300. HomeUnion anticipates this trend will continue through the typically busy spring homebuying season. "Housing affordability has pushed beyond incomes in many areas of the country, limiting demand at today’s prices despite low interest rates," says Steve Hovland, director of research.
Investment properties, however, are another story. The median price of investment homes in America (those not occupied by the owner), grew 8.5 percent year-over-year to $192,600. "Since last August when volatility set into the global stock markets, investors have been repositioning their portfolios to hedge against uncertainty and find stable yields," Hovland explains. "We’re seeing that demand translate into higher investment home prices."
It's a good time to be a buyer in San Antonio. According to HomeUnion's data, owner-occupied home prices remain unchanged year-over-year and investment home prices have taken an 8 percent dive. The average home prices are $198,340 and $128,000, respectively.
Houston mirrors the national trend, with a 1 percent decrease in owner-occupied home prices and a 5 percent increase in investment home prices.
In Dallas-Fort Worth, prices for owner-occupied homes have risen almost 6 percent and investment home prices have increased almost 5 percent. Price increases in Austin are more dramatic: Owner-occupied homes are up 8.7 percent; investment properties are up 12 percent.
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