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Inflation Raises the Price of Second-Hand Houses by 15.4%

La inflación dispara el precio de las viviendas de segunda mano un 15,4 %

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[Leer en español]

The average price of second-hand houses soared 15.4% year-on-year in January, to $350,300, in an atmosphere of very high inflation.

The National Association of Realtors reported Friday that sales of second-hand houses rose 6.7% in January compared to the previous month.

Home sales were up in all regions and 6.5 million new contracts were closed in the country as a whole.

As is the case in many other economic sectors, the very high demand clashes with a shortage of supply, since at the end of December the inventory of homes for sale fell to 860,000 homes, the lowest figure recorded since the real estate association publishes this data.

Throughout January, more houses came up for sale, which explains the difference between the 860,000 available at the end of December and the 6.5 million contracts closed during the month.

Yesterday it became known that new home construction fell by 4.1% in January compared to December in the market, coinciding with the increase in the price of materials.

According to Census Bureau data, 1,638,000 private equity housing starts in the U.S. in January, down from 1,708,000 starts in December.

The vast majority of new housing starts are single-family homes (69%), while the remainder are apartments in buildings with five or more units.

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