How the House Move Industry is Changing the Way We Live
The housing market is set to be the most expensive in U.S. history, with a potential $3.4 trillion market in 2021, according to an article published Thursday by Bloomberg.
The housing boom has helped drive the nation’s annual housing price increase to its highest level since the Great Recession, and the surge in new construction has helped lift the national median home price to a record $1.7 million, up nearly 17 percent from last year.
In California alone, home sales increased more than 25 percent over the past year, according the National Association of Realtors.
The price growth was driven by the rapid rise of home prices and the growing demand for new homes.
With the number of homes sold at an all-time high last year, many economists now predict that home prices could top $1 million in the coming years.
As a result, many experts are calling on states and cities to do more to slow the growth of home sales and demand.
The Associated Press reported last week that the median price of a home in Los Angeles rose more than 8 percent last year and the average price of single-family homes rose more by more than 11 percent.
That could push the median home sales price in the city of Los Angeles to nearly $1 billion, according data compiled by realtor.com.
Meanwhile, the state of Washington has been the focus of a number of housing market movements, including the sale of a house in the Seattle suburb of Burien.
It is now worth about $1,100 per square foot, according a listing on Realtor.com, with buyers being offered the option to purchase the house for $1m or more.
While the house is no longer being sold, it is expected to be purchased by someone within the next year.
The house is located on an 8,500-square-foot lot with 2 bedrooms, 2.5 bathrooms, a deck and a master suite.
The listing is on the market for $2.9 million.