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Going into the 2014 spring buying season, the United States housing market is facing an unusual situation: not enough sellers, while buyers find themselves unable to manage the properties which are on sale. Despite a 13.4% rise in the average prices of homes sold last year, there are fewer homeowners listing their properties. But with higher prices in addition to
higher mortgage rates, many buyers can not afford the houses on sale, particularly for first-time buyers as well as investors buying investment properties in cash. This predicament means that the real estate marketplace continues to fight a half-decade following the recession.
Investors in the
high-end market are currently enjoying more advantageous states. Sales of properties valued at more than $1 million saw increase of more than 14% over the last year, based on Bank of America Merrill Lynch, compared with lower-end properties priced at below $100,000 which fell eighteen percent. Higher-end dwellings have also seen much higher increases in costs. The top third of the market, based on Zillow, which includes properties valued at $305,700 and up, saw average yearly increases of 3.38% over the previous eighteen years. Compared with the bottom two-thirds of the market, these increases were 20% higher.
A fresh outlook by Ernst & Young as well as the
Urban Land Institute said that commercial property trades will grow during the following two years to surpass volumes recorded in 2008. The report estimated that overall transaction values will hit $230 billion by 2016, making their prognosis more optimistic than last fall's report. The forecast added that the entire favorable prognosis for the US real estate market is supported by expected on going improvements in the greater economy. Commercial properties are also seen to enjoy overall annual yields of 9.4% in 2014, of which industrial and retail buildings will do better than typical.
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