Home Prices Soar 47% Since 2020

Home prices have surged 47.1% since the start of 2020, easily outstripping the gains seen in recent decades.

That's according to a recent analysis by ResiClub of the Case-Shiller National Home Price Index, which showed that house prices in the 1990s and 2010s grew a respective 30.1% and 44.7%.

On top of that, home price growth so far this decade is on the verge of surpassing all the growth seen in the 2000s. During that time period, housing prices skyrocketed 47.3%, including an 80% spike before the 2007 housing market crash.


https://www.foxbusiness.com/economy/us-home-prices-have-surged-47-since-start-2020

At least you still have cheap housing in the US.

The median price of a house in Sydney is now $1.62 million and expected to reach $2 million within 3 years.

Red Lily wrote:At least you still have cheap housing in the US.

The median price of a house in Sydney is now $1.62 million and expected to reach $2 million within 3 years.

That's just about what a typical single-family home sells for in Missoula, Montana, USA.

There are a number of pleasant, but dated, 1950s-style ranch homes outside the University campus - I don't know how many, at least a thousand. Not large lots - smaller than what I grew up on, but larger than what was built in 1940s Cleveland.

The only thing outstanding about these homes is the price. Typically $1.2 million.

Even after this inflation,  my brother's 5br house is worth about $500k. He bought it for $227k 14 years ago.

I'm building my home on over 6 acres for about $400k.

We are both in North Texas.

Crusader wrote:Even after this inflation,  my brother's 5br house is worth about $500k.  He bought it for $227k 14 years ago.

I'm building my home on over 6 acres for about $400k.

We are both in North Texas.

Sadly, you're too far from the "trendy" places. Even Dallas proper isn't so hip, anymore...the Leftists came there, and found it wanting. Too much climate-destroying ranching, and yukky oil-related business. Not enough Pride Celebration. No, it's just not kewel. Only traitors like Musk and Rogan like it.

(I like your area just fine!)

But where it's trendy, even momentarily - like, just sayin', Missoula, Montana (we've become a symbolic Eden of Escape from Simi Valley and Beverly Hills) prices just explode.

Can't speak for other areas, except to say that I've seen some funny stuff in Gnu Yark. I've gone over the story of my family's weekend cabin on Lake Chautauqua, have I not? It was my old man's weekend project in the 1960s. Bought the land, on the shoreline, for $1400 in 1966. It was a bargain but not as much as you'd think - much of it was steeply embanked. Natural springs made construction hard.

My brothers, who inherited the place (appraised at $279,000 in 2006) sold it in September for $1 million.

Up the drive, same community...was a nine-hole golf course. Small, part of a restaurant-motel complex, but a very-well-designed course, built into a more-gentle terrace from the highway to the lakefront. A girl I dated in the 1970s...her father was a local insurance magnate and a big golfer. On retirement he bought this course - the restaurant and motel had closed down. The son, M's brother, died suddenly - before the Coof, he didn't look healthy in obituary pictures - leaving the father, aged 90, to run it.

S, the father, caught the Coof. Per NY Health ordinances, he was confined to a nursing home. And yes, he died of it. Suddenly - he had put the course up for sale two months before, since he wanted out of it, since the son died. He sat down for an interview with the local daily paper - the course was historic. Healthy, alert, engaging.

Two months later, he's dead, and M, now on her second husband, inherits the course. Tries to sell it for two years, no sale. Finally gets a buyer for a million.

And the buyer was a flipper, and just sold it for TWO million.

Maybe it was another lucky break that I didn't wind up in that family with that drama.

But...it's picturesque resort land, but it's in NEW-FRIGGIN-YORK. Where this pillar of the community, a rich, retired insurance agency owner, nonetheless gets essentially arrested and stuffed into a charnel house to die of the Coof and a ventilator.

So...who knows, why land is priced as it is.

Californian are coming here in droves. They go to liberal Austin first. They don't dare move into the country. They can't charge heir cars and everyone is armed.

I watch a couple of current reno shows and you can still buy houses in several states for under $20,000. There are some for $10k and $15k. Spend $100k doing them up and you're set. Nice towns too.

Red Lily wrote:I watch a couple of current reno shows and you can still buy houses in several states for under $20,000.  There are some for $10k and $15k.  Spend $100k doing them up and you're set.  Nice towns too.

Time to move to the states and live like the Queen you are, Lily!

It doesn't really matter how much your house went up in value because they all went up the same so selling isn't going to make you a profit because your spending that much on your new home somewhere else . Its all false inflation and its just making the dream impossible for young new home buyers . I paid $49 grand for my ranch house and I got an offer of $875 , 000 from some people that want out of NYCity just 2 weeks ago . I could move to a nice house in Pennsylvania and bank $400 grand but I like it out here and we've got the kids all close by . I also like it out here and the NY City people that are moving out here aren't changing the politics and atmosphere just yet and they're bringing all that new cash out here . But if enough of them move out they will change things and the NY City cancer will take hold .

Daily Bread wrote:It doesn't really matter how much your house went up in value because they all went up the same  so selling isn't going to make you a profit because your spending that much on your new home somewhere else . Its all false inflation and its just making the dream impossible for young new home buyers . I paid $49 grand for my ranch house and I got an offer of $875 , 000 from some people that want out of NYCity just 2 weeks ago . I could move to a nice house in Pennsylvania and bank $400 grand but I like it out here and we've got the kids all close by . I also like it out here and the NY City people that are moving out here aren't changing the politics and atmosphere just yet and they're bringing all that new cash out here . But if enough of them move out they will change things and the NY City cancer will take hold .

Daily you are exactly correct. You can take the profit, but you will have to downsize or move like you said to a different location.