The real estate market has been on a tear since COVID-19. Supply remains low, and high demand from low interest rates and job flexibility, among other factors, has led to steady increases in listing prices. Sales prices are up year over year in almost every market across the country, with the exception of a few notable metropolitan areas. While there has been plenty of talk about these residential sales lately, we would be remiss in not discussing the impact of this seller’s market on rentals.
You might think booming house sales would lead to apartment vacancies, but statistics are telling us another story. Apartment renters seem to be staying put as home affordability declines. Here’s what the stats are saying and why we may have reached a stumbling block in home prices.
Home affordability is at question
The median sales price across the United States has risen 16.9% year over year, making the same $320,000 house a year ago worth $374,080 today. That…