From Redfin:
Nearly 1 in 10 U.S. Homes Are Worth at Least $1 Million, Close to All-Time High
Just over 8% of U.S. homes are worth $1 million or more, near June 2022’s all-time high of 8.6%.
This analysis estimated current home values using the Redfin Estimate, public records and MLS data, and past home values using public records and MLS data. The figures in this report represent June 2023, unless otherwise noted. See the end of this report for a detailed methodology.
The share of homes worth seven figures is on the upswing after dipping to a 12-month low of 7.3% in February. That’s because home prices are rising on a year-over-year basis after falling at the beginning of the year. The median U.S. home-sale price rose 3% in July, the biggest increase since last November. Prices are rising faster for high-end homes, with the median sale price of U.S. luxury homes up 4.6% year over year to $1.2 million in the second quarter.
Today’s elevated mortgage rates are discouraging potential home sellers, with homeowners staying put to keep their relatively low mortgage rates. Inventory is so low that even though many buyers are sidelined by high rates, those who are in the market are competing for the few homes for sale. That’s driving home prices up and pushing many of those on the cusp above the million-dollar mark.
“The supply shortage is making many listings feel hot,” said Redfin Economics Research Lead Chen Zhao. “In most of the country, expensive properties that are in good condition and priced fairly are attracting buyers and in some cases bidding wars, mostly because for-sale signs are few and far between right now.”
“Still, there’s no rush to offload high-value homes,” Zhao continued. “Recent economic signals that the U.S. may avoid a broad recession could cause high-end buyers to feel more confident in making a major purchase in the coming months. There may be more demand coming down the pipeline.”
For homebuyers, the uptick in homes worth seven figures illustrates ongoing challenges with housing affordability in the U.S. And for buyers using loans, monthly payments on million-dollar homes are even more expensive than they were a year ago. A buyer purchasing a $1 million home would have a monthly mortgage payment of $6,604 with June’s average 6.7% mortgage rate, up from $5,984 with last June’s typical rate of around 5.5%.
The share of homes worth seven figures has doubled since before the pandemic; just over 4% of homes were valued at $1 million or more in June 2019. The share has shot up because home prices skyrocketed in 2020 and 2021 as record-low mortgage rates and remote work drove Americans to buy homes.
…
Parts of New England are gaining million-dollar homes fastest. Just over one-quarter (25.8%) of homes in the Bridgeport, CT metro–which is made up of many popular New York City suburbs–are worth at least $1 million, up from 23.1% a year ago, the biggest increase of the metros in this analysis. It’s followed by Boston, where the share increased from 20.3% to 21.5%, and Newark, NJ (8.7% to 9.7%).
Feel like the market is going to puke all over HD’s sales plunge this morning – same store sales down 5%? Damn…
In other news, Buffet bets on home builders.
Trump has now been indicted is every NL East city except for Philly.
This is the fourth criminal case brought against the former US president in the space of five months.
Donald Trump
Rudy Giuliani
John Eastman
Mark Meadows
Kenneth Chesebro
Jeffrey Clark
Jenna Ellis
Ray Smith III
Robert Cheeley
Michael Roman
David Shafer
Shawn Tresher Still
Stephen Lee
Harrison Floyd
Trevian Kutti
Sidney Powell
Cathleen Latham
Scott Hall
Misty Hampton
Find another candidate jackasses.
ExEx says:
August 15, 2023 at 8:26 am
Find another candidate jackasses.
Who are you talking about Biden or Trump. Biden has sold this country down the river. Raised inflation 20% and of course fkd our borders beyond belief. We are now at our weakest position EVER, and he is getting ready to sell the last drop of our strategic oil to lower the price of oil.
until this interest rate environment resolves itself, homebuilders seem to have a stranglehold on the market. Nobody wants to sell their home when they are holding a sub 3% mortgage and anyone that isn’t probably paid too much to begin with. Some people love to go gaga over price level but this is not a healthy market.
Hurry, bring your check book, this charmer won’t last!
Personally, at this stage of my life, I can live anywhere. Well, I won’t do California. That’s out. It would be east coast generally, as far south as North Carolina and as far west as Tennessee. I love New England, too. But, the location of family members always puts a damper on personal desires. No matter, if (when) I sell, be prepared to take a deep breath, my little fairy feathered muppets, my diggings will cost you.
I wish Republicans would find another candidate. Instead they humiliate themselves defending a solipsist who would throw them under the bus in a heartbeat.
I’ll bet 70% of Americans would approve of both Trump and Biden disappearing from politics forever.
No One says:
August 15, 2023 at 9:14 am
Absolutely, sick and tired of both these clowns. Age limits or any way possible to stop them.
Inflation is our friend. Soon we’ll all be living in million dollar houses, driving hundred thousand dollar cars and feeling like a big shot.
SNL anticipated the Inflation Maintenance (Reduction?) Plan
https://www.facebook.com/watch/?v=1011599739455724
False equivalence. They aren’t the same.
Dark Brandon is not an insurrectionist.
Very Stable Genius says:
August 15, 2023 at 9:54 am
False equivalence. They aren’t the same.
Dark Brandon is not an insurrectionist.
Your correct he is an influence peddler, that is so much better. LOL
Fast Eddie
If you have the money, stay somewhere near quality medical care.
You ain’t getting younger.
Jim,
You can’t even pry car keys out of half blind alzheimer patients. It’s so bad you have to put silver alerts on signage.
Pelosi, McConnell, RBG- Not only is Congress a fully funded nursing home, it’s now a hospital and a funeral parlor as well.
Might as well turn it into a mausoleum. Those buildings in DC, they kind of look like them anyway.
My father is an example
Phoenix says:
August 15, 2023 at 10:03 am
You can’t even pry car keys out of half blind alzheimer patients.
Ten went to 427, now we are at 417. Insane.
The resistance is at 424.
That Nordstrom store robbery:
A textbook example of entropy.
America has a reckoning it’s going to have to deal with.
Phoenix,
Health care, yes.
Dark Brandon. LMAO. The guy is a ped0phile who shits his pants and brags about holding money back for quid pro quo deals. That’s aside from the $10 million he banked peddling his drug-addled son. Crime and illegal immigration out of control, inflation and debt recklessly careening off walls at 200 mph, gender-confused youth using s0cial media like a bunch of two year olds throwing a tantrum as they wreck high end stores and homeless encampments popping up like weeds in an abandoned lot in Detroit. Please re-elect Shits and Giggles, the entertainment is 2nd to none.
A textbook example of entropy.
Not at all. This is the new order. The transformation of America is well under way. The Obammy administration will be documented as the turning point in the decline of America. Rome had a 500 year run, we had a 250 year run thanks to the bleating pessimism, anger and resentment accelerated through the bullhorn of s0cial media.
Eddie-
What color is the sky in your world?
I see, skies of blue. Red roses too.
Eddie,
Don’t worry. You are not a kid anymore. In a few years just like me you will be reduced to about 25 dollars worth of oxygen, carbon, nitrogen, etc. Maybe more, maybe less.
Anyone been to a dermatologist for a look see? Make sure you don’t have any nasty moles anywhere?
Good thing to do if you are fair skinned. Try to find one available, easier to find Rambo.
Then you go there, and if the only one you can find is a female, they won’t even look at your private parts. WTF? I have to look at your private parts every single day when I am at work.
You ever get a mole or cancer on your d or nuts, you can probably sue them easily as they won’t look there as if it’s not part of their job. Talk about unprofessional.
Women always complain that male doctors dismiss them, well, they dismiss us as well.
What is wrong with people, just do your job. America is lacking professionals in every career now. But the Chinese can make me a carburetor for my snowthrower for 12 dollars shipped.
I love the Chinese. They ain’t lazy like Americans are that just want money from passive income.
my poignant tale of inflation is in moderation me thinks.
Capitalism never fails to entertain:
‘Shame on you!’: Hawaii resident slams investors she says are already calling distraught families offering to buy their scorched land while they pick over the ashes of their homes as death toll rises to 99
I was on a work call sharing travel stories the other day. An exec said he can’t wait for the Ukraine war to be over so that he can go put his money to work there.
Trump is NOT America.
Unemployment is low and economy is sizzling hot
Fast Eddie says:
August 15, 2023 at 10:51 am
A textbook example of entropy.
Not at all. This is the new order. The transformation of America is well under way.
July retail sales increase 0.7 percent. Consumers still spending!
re: “pry car keys”
Dear old mom will be 86 this week and still lives alone in her own home and drives to shops, church, to my brother’s house and occasionally to play cards with friends or hit a local pub for music etc. So far so good no car accidents.
I will be having her down this weekend to relax and visit the beach. We will again try to talk to her about a few things, like driving and using stairs etc and as usual it always falls on deaf ears.
Juice: Good luck trying to tell an old Irish woman what she can and cannot do. All the best to your Mom.
I can’t get my mom to get hearing aides. I think a large part of the problem is that she can’t hear me.
Mines not doing so well, early 80’s with parkensons. Driving is not even a consideration. She did fight us for awhile until finally agreeing.
Just promise yourselves you won’t be so stubborn to your own kids when the time comes.
My mom just turned 98 on July 17. I would not be surprised to see her hit 105.Sharp as a tack but in a wheel chair….. no dementia whatsoever.
That’s because you don’t notice it.
I kid. Really.
“ We just got a killer retail sales report, and GDP is tracking at 5% real growth in a period in which almost everyone thought a a recession was a done deal. Maybe some of these policy “mistakes” contributed to this strength? ”
Joe Weisenthal
Money isn’t everything, but education is. Bite me, if you think otherwise.
Too many fools disrespecting education and think you go after it for “money.” You mental midgets. You want to make money? Go drop out of high school and sell drugs. Don’t let the door hit you on the way out.
“A group of Harvard and Brown University-based economists found that attending an Ivy League college has a “statistically insignificant impact” on earnings in the long run, per CNBC.”
Very,
It blows my mind. I am convinced that you can’t be too smart when it comes to investing. You will scare yourself, use logic, and in the end lose your money. Logic has no business when it comes to investing and winning. I have seen idiots kill it on a business idea they were told was worthless by logic.
Yup retail sales up? Gonna be a nice credit default again this time, fitch “forced to” downgrade banks including JPM. Goldman taking a bath on their credit cards and checking business. Funny fact the guys that built that billon dollar build (yes the cost) are now long gone.
Run the credit lines dry folks….It’s the new rich, or just a rinse and repeat of “take a vacation on the house” circa 2007.
Meanwile I get offers to rollover debt at 28% interest.
Pumpkin – What do you think of Michael Burry’s call? He is not betting as much as the media reports but it is significant perhaps inflection as he like many can smell when average Joe is tapping credit beyond any means to pay it back as rates have more than doubled the chances of ever paying it back.
Juice: The old Goldman in my days never wanted anything to do with retail , except for the ultra high net worth , 50 million or more. Credit cards and banking type accounts for retail, retail, never would have happened. Goldman has strayed far from their roots.
3b – re :”anything to do & retail”
Fun times in the Hamptons regardless. I never enjoyed that place.
China is in trouble.
“Xi faces the same dilemma the US faced following the GFC: a deflationary bust or a rescue that creates moral hazard. No doubt he sees the current state of US govt finances and wants to avoid a similar fate. But, he may find it harder to chart a separate course than he thinks.”
“China’s debt to GDP ratio is 300%
US debt to GDP is a little over 1/3rd of that.
If he wanted to “avoid a similar fate” he’s years and years too late.”
Based on what I see from him…dude, is always too early. I am still expecting market to run up if we don’t hit a credit dilemma in the economy into December. I expect DNA to test 3 by then. Pain is coming, but current move is still “buy the dip.”
Just remember, this is a new market driven by options. Options were once looked upon as too sophisticated and risky, and now it drives the market. Hence, the swings in some stocks, and the rapid movement in the “correction” periods. It’s f’ing wild. I am even thinking about joining lefty in the options world. It is what it is, whether you agree or not.
Juice Box says:
August 15, 2023 at 8:50 pm
Pumpkin – What do you think of Michael Burry’s call? He is not betting as much as the media reports but it is significant perhaps inflection as he like many can smell when average Joe is tapping credit beyond any means to pay it back as rates have more than doubled the chances of ever paying it back.