{"id":958,"date":"2024-08-16T14:57:30","date_gmt":"2024-08-16T14:57:30","guid":{"rendered":"http:\/\/filipzajac.me\/?p=958"},"modified":"2024-08-19T03:10:37","modified_gmt":"2024-08-19T03:10:37","slug":"record-8-5-percent-of-homes-worth-1-million-or-more-analysis","status":"publish","type":"post","link":"http:\/\/filipzajac.me\/index.php\/2024\/08\/16\/record-8-5-percent-of-homes-worth-1-million-or-more-analysis\/","title":{"rendered":"Record 8.5 percent of homes worth $1 million or more: Analysis"},"content":{"rendered":"

A record 8.5 percent of U.S. homes are worth $1 million or more, according to a new report<\/a> from the real estate company Redfin.<\/p>\n

The share of homes worth at least $1 million is up from 7.6 percent a year ago and has more than doubled from 4 percent before the pandemic.\u00a0<\/p>\n

Redfin attributes the record rise to record home prices<\/a>.<\/p>\n

Mortgage rates \u201csitting at more than double pandemic-era lows since the start of 2022,\u201d the company notes, and a housing supply shortage is also pushing up prices.\u00a0<\/p>\n

Housing inventory is down 30 percent from pre-pandemic levels as many homeowners hold onto low mortgage rates they contracted after the Federal Reserve slashed rates to near-zero levels during the pandemic. New construction in Texas increased supply and helped contain price growth in Austin and across Texas.<\/p>\n

\u201cHome prices, insurance and mortgage rates have shot up so much that many people are either priced out of the market or weary of committing to such a high monthly payment,\u201d said Julie Zubiate, a Redfin Premier agent in the Bay Area, which has the highest home prices in the country with a media sale price of $1.5 million.<\/p>\n

All but three of the 50 most populous metro areas saw the share of these expensive homes rise from a year ago. The share of multimillion-dollar homes in California, which already boasted the biggest share, is growing faster than anywhere else, Redfin found.<\/p>\n

It fell in Austin, Texas, where 10 percent of homes are worth at least $1 million, and it remained at 2 percent in Indianapolis and 3.6 percent in Houston. New construction in Texas increased supply and helped contain price growth in Austin and\u00a0Houston.<\/p>\n

The housing affordability crunch could loom large in the upcoming election, in which Vice President Harris has heavily focused on housing affordability.<\/p>\n

Harris has proposed a plan to build 3 million new housing units, tax incentives for the construction of affordable homes and up to $25,000 in down payment assistance to first-time homebuyers, among other measures meant to spur housing construction and make homes more affordable for Americans.<\/p>\n

Trump has yet to release a detailed housing plan. When asked by a voter how he would bring down home and rent prices earlier this month, Trump said he would take steps to reduce the cost of energy<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

A record 8.5 percent of U.S. homes are worth $1 million or more, according to a new report from the real estate company Redfin. The share of homes worth at least $1 million is up from 7.6 percent a year ago and has more than doubled from 4 percent before the pandemic.\u00a0 Redfin attributes the […]<\/p>\n","protected":false},"author":1,"featured_media":960,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[12],"tags":[],"_links":{"self":[{"href":"http:\/\/filipzajac.me\/index.php\/wp-json\/wp\/v2\/posts\/958"}],"collection":[{"href":"http:\/\/filipzajac.me\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/filipzajac.me\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/filipzajac.me\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/filipzajac.me\/index.php\/wp-json\/wp\/v2\/comments?post=958"}],"version-history":[{"count":1,"href":"http:\/\/filipzajac.me\/index.php\/wp-json\/wp\/v2\/posts\/958\/revisions"}],"predecessor-version":[{"id":959,"href":"http:\/\/filipzajac.me\/index.php\/wp-json\/wp\/v2\/posts\/958\/revisions\/959"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/filipzajac.me\/index.php\/wp-json\/wp\/v2\/media\/960"}],"wp:attachment":[{"href":"http:\/\/filipzajac.me\/index.php\/wp-json\/wp\/v2\/media?parent=958"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/filipzajac.me\/index.php\/wp-json\/wp\/v2\/categories?post=958"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/filipzajac.me\/index.php\/wp-json\/wp\/v2\/tags?post=958"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}