The US real estate market is on fire. This is caused by low mortgage rates, solid American middle and upper class incomes, and people’s desire to leave America’s largest cities, especially on the east and west coasts, often due to concerns about the spread of COVID-19.
S&P Case Shiller, the gold standard for house price measurement, shows that national house prices have increased by over 10% year-on-year in recent months. In the meantime, Realtor.com has looked at the markets in which Houses sell the fastest and the slowest – and the slowest house selling town is Houma, Louisiana.
Of course, the situation differs from city to city. Inventories have decreased in many markets due to brisk sales. This shortage of supply has pushed some home prices even higher and has sparked bidding wars for some houses. The demand for apartments also varies from city to city. These are the least expensive subway areas to buy a home in the nation.
Realtor.com’s analysis for April of how fast homes are selling in different cities covers the 250 largest markets by population, but only one market per state was used for geographic diversity. The average number of days a home was on the market each month was 43.
While apartments move much faster in some markets with tight inventory and high demand, apartments move much more slowly in other areas. These are areas that have been harder hit economically by the pandemic. Realtor.com clarifies: “To be clear, these markets are by no means languishing; Many take about the same time to sell as the average house that was sold a year ago. “
In Houma, the slowest pace of home sales, the average number of days a home sale takes is 79. The biggest problem in the area is employment. “In May 2020, the unemployment rate rose to 11.2% when major oil and gas companies laid off workers along the Gulf Coast,” Realtor.com explains.
The industry has started to recover due to soaring oil prices, so the situation in Houma may change as the market is affordable. The average list price in April was $ 237,500. That’s how much a house costs in every state.
Click here to see the slowest selling American city
To determine the city where homes are the slowest to sell, Wall Street has dates from 24/7 Makler.com, a subsidiary of News Corp. and the listing website of the National Association of Realtors. The 250 largest statistical metropolitan areas were ranked based on the average number of days apartments remained on the market in April 2021. Only the highest ranked metropolitan area in each state was used to avoid geographic clustering. Median list price and active listing data are also from Realtor.com and are for April 2021. Unemployment data for April 2021 are from the US Bureau of Labor Statistics and are seasonally adjusted.