(Disclosure: Rose Law Group represents Fulton Homes.)
By Doug Fulton, CEO of Fulton Homes | Phoenix Business Journal
Do you think U.S. homebuyers are paying too much for their next home? It’s no secret that prices have increased rapidly in the last year, but to understand why that’s not such a bad thing, we must look at the global housing market.
The S&P CoreLogic Case-Shiller U.S. National Home Price Index reports that gains are up 19.7 percent through the end of July and setting a record for being the fastest pace for growth since records began in 1975. According to Fedprime rate, the average new home cost in the U.S. for August 2021 was $430,000 compared to August of 2020 at $386,300.
For sellers, this is phenomenal news. But for buyers trying to get their foot in the door, getting a house in this market probably feels impossible.
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