BUNGALOW 123/101 It has been a busy year for bungalowing in the United States.
From record prices in California and Florida, to a record number of homes sold in New York City and a record pace of home sales in Seattle.
Now the trend is set to continue with a nationwide sales boom for new homes.
But a report by real estate agents NPD Group said that, while some people are buying in anticipation of a property boom, the bulk of buyers are not yet ready to move in.
The NPD said it expects prices for new residential properties to rise more than 10% this year, up from 6% last year.
But it is also expecting the value of homes to fall.
“New home sales were down for the second consecutive year in 2016 and have been falling since 2014,” NPD wrote in its report.
“That has slowed down the pace of growth, with the median price per square foot rising only 1.5% to $2,928, compared to 3.7% in the first quarter of 2017.”
“While the national average price is still more than $1 million, the number of new homes under construction has declined from 5.4 million to 3 million,” the report continued.
“We continue to see an increase in the number and number of people moving into the market in anticipation that a market is about to be established,” said Jason Cushman, NPD’s senior vice president for market analysis.
“The question is whether the new market will continue to grow or will it become a de facto foreclosure crisis.”‘
I can’t even look’The NSPCA has helped several families buy their first homes.
“In addition to getting people into homes, they also provide shelter for people who are homeless or are being evicted,” said Kathy Ruggles, director of communications for the National Spay/Neuter Coalition.
“They’re a great resource.
They’re a real help.”
Ruggles said she’s seen a significant uptick in demand for spay and neuter programs in the last few years.
“I have people call me with questions,” she said.
“I can never look at what they have.
I just know that they are being treated well.”
Cushman said many people want to live in communities that are safe and warm, but are not the places people normally want to be.
“It’s not just the houses that are selling up,” he said.
“That’s not a good thing for people.”