Morning Briefing: House prices up 6.7 per cent, set for another 5.3 per cent

by Steve Randall04 May 2016
House prices up 6.7 per cent, set for another 5.3 per cent
House prices in March gained 6.7 per cent from a year earlier and are set to rise by a further 5.3 per cent by March 2017. That’s according to data from CoreLogic which shows that there was a 2.1 per cent increase in nationwide prices in March compared to February.

“Housing helped keep U.S. economic growth afloat in the first quarter of 2016 as residential investment recorded its strongest gain since the end of 2012,” said Dr. Frank Nothaft, chief economist for CoreLogic. “Low interest rates and increased home building suggest that housing will continue to be a growth driver.”

The forecast for monthly increases through March 2017 is 0.7 per cent.
Luxury estate sells for new Atlanta record
A luxury estate set in 17 acres has become the most expensive home ever sold in Atlanta. The estate, bordering the Chattahoochee River, closed for a record-breaking $17.5 million in a deal brokered by Josh Reeves & Chase Mizell with Atlanta Fine Homes Sotheby's International Realty. 

The new owner will enjoy amenities including resort-style swimming pool, spa, lighted tennis court and underground ballroom. There is also a theater, gym and Presidential-level security system.

The previous Atlanta record is believed to be a 2009 sale in Buckhead for $10.5 million.
Those in this profession buy younger, spend more on homes
Active military personnel are more likely to buy at a younger age and spend more on a home than the wider population. A survey by the National Association of Realtors found that household demographics and financing options meant active-military personnel are more likely to buy a home when they are under the age of 35 (median age 34); for those that have never served the median age of home purchase was revealed to be 40.

Military personnel also nearly always use a real estate agent and younger active personnel were more likely that the population in general to have married and had more than 1 child, fueling demand for bigger (and more expensive) homes.

Mirroring the general population of buyers, over 80 per cent of both veterans and active-service buyers purchased a single-family home, with those currently serving purchasing single-family homes at the highest rate (87 per cent).


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