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Housing markets across the U.S. are booming with high demand and low inventory, and it’s sent land prices into a frenzy.
Land is a hot commodity right now, as the lack of homes for sale continues to push affordable housing out of reach for many first-time homebuyers and low-wage workers.
According to a report by the National Association of Realtors (NAR), the U.S. fell short of an estimated 5.5 million new units from 2001 to 2020 compared to 1968 to 2000. When the housing boom cemented last year, supply began severely underserving demand.
“When housing demand really accelerated in May, June and July of last year with historically low interest rates, the industry couldn’t simply turn on a dime and suddenly build 30 percent more than they were a quarter, or a year ago,” Robert Dietz, a chief economist at the National Association of Home Builders, told Inman.
KXLY
July 8, 2021 5:45 PM Esther Bower
SPOKANE, Wash. Some local landlords have gone over a year without rent and can’t keep up with stress and uncertainty that comes from maintaining rentals. Many are selling off properties they’ve owned for years, causing local rent to skyrocket for tenants.
Property values are on the rise in this booming city. In 2016, the median home price was $209,500. In 2020, it was $264,121. Now, it’s over $315,000. Local landlords have lost thousands of dollars during the eviction moratorium, and many see this time as a way to get off a sinking ship, selling off their rentals.