{"id":2261307,"date":"2024-06-06T12:32:01","date_gmt":"2024-06-06T16:32:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/property-bubble-house-price-per-square-foot-skyrockets-outpacing-inflation-report\/"},"modified":"2024-06-06T12:38:29","modified_gmt":"2024-06-06T16:38:29","slug":"property-bubble-house-price-per-square-foot-skyrockets-outpacing-inflation-report","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/property-bubble-house-price-per-square-foot-skyrockets-outpacing-inflation-report\/","title":{"rendered":"Housing Market Surge: Prices Soar Per Square Foot, Outstripping Inflation &#8211; Study"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fproperty-bubble-house-price-per-square-foot-skyrockets-outpacing-inflation-report%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2261307&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The summary discusses the significant increase in home \u200dprices per square \u200dfoot compared to five\u200b years ago,\u2062 attributing this\u2063 surge to factors such as market dynamics and economic conditions. It also touches on varying impacts on homeowners\u200d and potential buyers, highlighting the evolving\u200b landscape of the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sydney-office-block-sold-at-16-discount-as-rates-remote-working-hit-sector\/\" title=\"Sydney office block sold at 16% discount due to rates and remote working impact.\">real estate \u2063market<\/a> and offering insights on \u2063future trends. The summary delves into the notable rise in home prices\u2062 per square foot over the past five years, linking this growth to market trends and economic factors. It addresses the \u2063implications for homeowners and prospective buyers, shedding light on the evolving real estate scenario and providing \u2064foresight into upcoming trends.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<header> <a href=\"https:\/\/www.westernjournal.com\/commentary\/\">  Commentary <\/a>   <span> <\/p>\n<p><a href=\"https:\/\/www.westernjournal.com\/author\/georgeupper\/\">  <\/a> <\/p>\n<p> <span>   By <a href=\"https:\/\/www.westernjournal.com\/author\/georgeupper\/%20\"><span>George C. Upper III<\/span><\/a> <\/span> <span>   June 6, 2024 at 9:02am <\/span> <\/span>  <\/header>\n<section>\n<p>Home prices per square foot are almost 60 percent higher than they were five years ago, prior to the pandemic.<\/p>\n<p>Citing numbers from Realtor.com, <a href=\"https:\/\/www.scotsmanguide.com\/news\/home-price-per-square-foot-jumps-by-almost-60-over-past-five-years\/#:~:text=%E2%80%9CIn%20addition%20to%20higher%20median,this%20period%2C%E2%80%9D%20Hale%20said.\" target=\"_blank\" rel=\"noopener\">Scotsman Guide<\/a>, a publisher that caters to mortgage lenders, said that median list prices for home had grown 37.5 percent during the same time frame, but the more dramatic increase was in the square foot price, which was up 57.5 percent.<\/p>\n<p>Realtor.com suggested that the disparity may be caused by more smaller homes being put up for sale, which would have a dampening effect on the overall median list price but not \u2014 or not as much \u2014 on the price per square foot.<\/p>\n<p>So, are these <a href=\"https:\/\/www.westernjournal.com\/ap-bidenomics-mortgage-rates-soar-highest-level-since-bill-clinton-president\/\" target=\"_blank\" rel=\"noopener\">price increases<\/a> a good or a bad thing?<\/p>\n<p>The answer to that depends on your current situation.<\/p>\n<p>\u201cIn addition to higher median list prices and fewer homes for sale versus 2019, the increase in median price-per-square foot suggests that the typical home on the market today is worth 52.7% more than before the pandemic, more than double the roughly 23% increase in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-aims-to-downplay-inflation-as-government-pushes-more-big-spending-bills\/\" title=\"Biden Aims To Downplay Inflation As Government Pushes More Big Spending Bills\">consumer price inflation<\/a> in this period,\u201d\u00a0said Danielle Hale, Realtor.com\u2019s chief economist.<\/p>\n<p>\u201cThe specifics will vary from market to market, but the data suggest ongoing opportunity for many sellers,\u201d he suggested.<\/p>\n<p>\u201cThough with mortgage rates still much higher than many existing homeowners enjoy,\u201d Hale qualified, \u201cthis opportunity favors sellers who don\u2019t have to replace a mortgage, such as investors or second homeowners looking for an exit or equity-rich homeowners looking to downsize in their current area or to a lower-cost region, as well as those planning to rent their next home.\u201d<\/p>\n<div id=\"firefly-poll-container\">\n<p>Will the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/housing-prices-are-now-becoming-too-high-even-for-the-wealthy\/\" title=\"Housing Prices Are Now Becoming Too High Even For The Wealthy\">housing market crash<\/a> in the next two years?<\/p>\n<\/p><\/div>\n<p>Some markets saw growth <a href=\"https:\/\/www.westernjournal.com\/actress-buys-45-million-home-hawaii-residents-cope-states-hot-real-estate-market\/\" target=\"_blank\" rel=\"noopener\">higher than the average<\/a>, of course. Scotsman Guide called out three specifically \u2014 <a href=\"https:\/\/www.westernjournal.com\/report-nyc-hotel-rooms-soar-300-night-now-know\/\" target=\"_blank\" rel=\"noopener\">New York<\/a> with 84.7 percent growth in price per square foot, Boston with 72.9 percent, and Nashville with 68.6 percent.<\/p>\n<p>All of this is great news for most homeowners in most markets, of course, especially those for whom their primary residence is their largest investment.<\/p>\n<p>It\u2019s also probably good news for those homeowners who are planning to sell their homes soon \u2014 assuming they can deal with the capital gains tax on their profits, of course.<\/p>\n<p>Rising prices also mean that homeowners with mortgages may still be able to take cash out of their homes with a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/what-biden-isnt-telling-you-about-the-cost-of-solar-power\/\" title=\"What Biden Isn\u2019t Telling You About the Cost of Solar Power\">home equity loan<\/a> or line of credit.<\/p>\n<p>On the other hand, those who <em>aren\u2019t<\/em> yet homeowners may find it difficult to change that in the current market.<\/p>\n<p>Higher <a href=\"https:\/\/www.westernjournal.com\/biden-killing-economy-inflation-remains-high-consumer-spending-weakens\/\" target=\"_blank\" rel=\"noopener\">inflation<\/a> puts pressure on the fed to keep <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/alan-greenspan-sees-recession-as-most-likely-outcome-this-year\/\" title=\"Alan Greenspan Sees Recession As Most Likely Outcome This Year\">interest rates elevated<\/a>, which in turn makes mortgage rates higher and more difficult to afford for lower-income families.<\/p>\n<p>That, in turn, drives up demand for rental properties, as those folks who can\u2019t buy their own home still need to put a roof over their heads.<\/p>\n<p>And more demand for rental property means rents rise, making it that much harder for renting families to save money towards an eventual home purchase.<\/p>\n<p>Hope may be on the horizon for those hoping to purchase a home in the next year or two, however, as inventories of homes for sale are rising, according to <a href=\"https:\/\/www.realtor.com\/news\/trends\/housing-inventory-returning-to-normal-may-2024-economists-say\/\" target=\"_blank\" rel=\"noopener\">Realtor.com<\/a> economic data manager Sabrina Speianu.<\/p>\n<p>\u201cWhile the housing market is still in the seller\u2019s territory, it is expected to shift in a buyer-friendly direction as mortgage rates resume their decline over the next year and the number of homes for sale increases,\u201d Speianu said.<\/p>\n<hr>\n<div>\n<p><b><i>An Important Message from Our Staff:<\/i><\/b><\/p>\n<p><i><span>We who work here at The Western Journal have fought for years against Big Tech and the elites who want to shut us down and then shut America down. <\/span><\/i><\/p>\n<p><i><span>Make no mistake \u2014 nothing will be the same after November 2024. Will you help us fight? Will you <\/span><\/i><a href=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>help us expose the America-hating elites<\/span><\/i><\/a><i><span>  who will do everything they can to steal this election? <\/span><\/i><\/p>\n<p><i><span>We\u2019re a small group of people fighting to save the country for our readers and for our own family and friends. <\/span><\/i><a href=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>Can we count on your help?<\/span><\/i><\/a><\/p>\n<p><i><span>At this point, Big Tech has cut off our access to 90% of advertisers. Imagine if someone took 90% of your paycheck and there was nothing you could do. They\u2019re trying to starve us out.<\/span><\/i><\/p>\n<p><i><span>Donations from readers like you have literally helped keep our lights on, and <\/span><\/i><a href=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>we need you<\/span><\/i><\/a><i><span>  now more than ever. <\/span><\/i><\/p>\n<p><i><span>We operate on a shoestring budget, but with that budget, we terrify the globalists. Please help us continue the fight. <\/span><\/i><a href=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>Stand with us<\/span><\/i><\/a><i><span>, and we will never surrender.<\/span><\/i><\/p>\n<p><i><span>Thank you for reading The Western Journal and for believing in America. <\/span><\/i><\/p>\n<p><i><span>It is a pleasure to serve you.<\/span><\/i><\/p>\n<p><i><span>P.S. Please don\u2019t let the America-hating left win. <\/span><\/i><a href=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>Stand with us today<\/span><\/i><\/a><i><span>!<\/span><\/i><\/p>\n<\/p><\/div>\n<div id=\"author-info-44802\">\n<p><a href=\"https:\/\/www.westernjournal.com\/author\/georgeupper\/\">  <\/a> <\/p>\n<div>\n<p><label for=\"summary-tab-radio-44802\">Summary<\/label><label for=\"more-info-tab-radio-44802\">More<span> Biographical Information<\/span><\/label><label for=\"posts-tab-radio-44802\">Recent<span> Posts<\/span><\/label><label for=\"contact-tab-radio-44802\" onclick=\"if( typeof grecaptcha=='undefined' ) { let cap_s=document.createElement( 'script' ); cap_s.src='https:\/\/www.google.com\/recaptcha\/api.js?render=6LeJFcsUAAAAAPsIEqvB1EebWbZfqRUe6ebMpGy7'; document.body.appendChild( cap_s ); }\">Contact<\/label><\/p>\n<div>\n<p>George Upper is the former Editor-in-Chief of The Western Journal and was a weekly co-host of &#8220;WJ Live,&#8221; powered by The Western Journal. He is currently a contributing editor in the areas of faith, politics and culture. A former U.S. Army special operator, teacher and consultant, he is a lifetime member of the NRA and an active volunteer leader in his church. Born in Foxborough, Massachusetts, he has lived most of his life in central North Carolina.<\/p>\n<\/p><\/div>\n<div>\n<p>  George Upper, is the former editor-in-chief of The Western Journal and is now a contributing editor in the areas of faith, politics and culture. He currently serves as the connections pastor at Awestruck Church in Greensboro, North Carolina. He is a former U.S. Army special operator, teacher, manager and consultant. Born in Massachusetts, he graduated from Foxborough High School before joining the Army and spending most of the next three years at Fort Bragg. He holds bachelor&#8217;s and master&#8217;s degrees in English as well as a Master&#8217;s in Business Administration, all from the University of North Carolina at Greensboro. He and his wife life only a short drive from his three children, their spouses and his grandchildren. He is a lifetime member of the NRA and in his spare time he shoots, reads a lot of Lawrence Block and John D. MacDonald, and watches Bruce Campbell movies. He is a fan of individual freedom, Tommy Bahama, fine-point G-2 pens and the Oxford comma. <\/p>\n<p>  Birthplace <\/p>\n<p>  Foxborough, Massachusetts <\/p>\n<p>  Nationality <\/p>\n<p>  American <\/p>\n<p>  Honors\/Awards <\/p>\n<p>  Beta Gamma Sigma <\/p>\n<p>  Education <\/p>\n<p>  B.A., English, UNCG; M.A., English, UNCG; MBA, UNCG <\/p>\n<p>  Location <\/p>\n<p>  North Carolina <\/p>\n<p>  Languages Spoken <\/p>\n<p>  English <\/p>\n<p>  Topics of Expertise <\/p>\n<p>  Faith, Business, Leadership and Management, Military, Politics <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a recent report by George C. Upper III on June 6, 2024, at 9:02 am, home prices per square foot have surged by nearly 60% in the past five years pre-pandemic. According to Realtor.com data cited by Scotsman Guide, a leading source for mortgage lenders, median home list prices have surged by 37.5%<\/p>\n","protected":false},"author":2010,"featured_media":2261308,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/06\/house-for-sale.jpg","fifu_image_alt":"","footnotes":""},"categories":[548],"tags":[],"class_list":["post-2261307","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-conservative-news-daily"],"fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/06\/house-for-sale.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2261307","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2010"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2261307"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2261307\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2261308"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2261307"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2261307"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2261307"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}