U.S. house prices, up 20% compared to a year ago... Is it a bubble or a temporary phenomenon?

2023.03.20 nawall
Real estate news 377

As housing prices soar in the United States, foreign media is paying attention to the phenomenon of a housing price bubble. The imbalance between supply and demand has deepened due to the impact of COVID-19, and opinions are divided as to whether the upward trend will continue, but it is predicted that a crisis like the 2008 U.S. subprime mortgage crisis will not be repeated. According to real estate platform company Redfin on the 2nd (local time), the average house price in the United States in April was $3475 million (about 390 million won), The Hill reported. This is a 20% increase compared to a year ago. The average time it took for a house to be sold was 20 days. The February housing price index for 20 major cities, released by S&P Core Logic Case-Shield on the 27th of last month, jumped 11.9% compared to a year ago. Forbes said it was the highest increase since February 2006. Experts are analyzing the supply and demand imbalance as the cause.