Real estate investment has gone up in the US, the world’s second-biggest economy, but the prices for property that investors have bought have risen too, with average prices for single-family homes in the top-10 cities up by about 10% over the past year.
Key points:Average house prices are up 10% since the year beforeThe median price in Phoenix, Arizona, rose by 11.7% over that same periodReal estate investment is now the fastest growing asset class in the country as well as the worldThe median house price in the Arizona region is now up by more than 20% over two years, according to real estate investment firm CoreLogic.
The Phoenix metro area, the third-largest in the nation, has the second-highest rate of house price growth in the world.
In the US the median home price in March was $325,000, according the CoreLogics report, while it was $225,000 in May and $180,000 a month earlier.
The median property price in Arizona rose by more that 10% between the year ending March and March 2018.
That’s up from the 6.9% growth in March 2018 and 5.4% in March 2017.
Average house price gains were even faster in the South of the US.
Average prices there rose by 9.2% in the first six months of this year.
The US is one of the world top five markets for house prices, with Sydney and Melbourne the top two markets for homes in Australia, according.
Real estate prices have risen by 10% for every dollar the median household income increased in the past three years, while the average price for single family homes has risen by almost 30%.
Average house rents in the metro area have risen in the same period, by about 15% on average.
However, median home prices have declined, and prices for properties that investors buy are up by around 10% annually.
CoreLogic’s research group said average house prices in the Phoenix area are up 14% since July 2018, while median house prices there are up about 6%.
Phoenix house prices have also increased by about 6% since December 2019.
Corelogic said median house values have increased by nearly 30% over this period, while prices for houses are up 15%.
Average Phoenix house prices fell in the third quarter of 2018 to $316,000 from $315,000.
CoreMap’s report said median Phoenix home prices fell by about 11% between June 2018 and March 2019.
CoreLogia also said median property prices dropped by about 8% between July 2018 and September 2018.
The report said that over the same time period, median Phoenix house values rose by 12.3%.
Average price growth for properties purchased in Phoenix between March and June 2018 was almost 16%, CoreLogica said.
Phoenix property prices have increased 10% in two yearsThe median median Phoenix price was $323,000 at the end of March 2018, according CoreLogIC.
That price fell to $299,000 by March 2019 and $289,000 three months later.
The average price of homes in Phoenix fell by nearly 14% between April 2018 and June 2019.
The city’s median house value was $822,000 as of the end, up from $739,000 the previous year.
Corellia’s median home value was also down by about 14% during the same quarter, at $825,000 compared with the previous 12 months.
The number of homes sold in Phoenix during the year ended March 2019 fell by 20.5%, the report said.
Real Estate Investment Trust, a real estate research firm, said the average house price across Phoenix increased by 11% in real estate investments from March 2018 to March 2019, and by 11%, over the period from June 2018 to September 2018, the same analysis.
Core Logic said the median house in Phoenix is now worth about $350,000 more than it was in March of this time.
The CoreLogs report showed that median Phoenix prices are also increasing faster than median Phoenix property values.
CoreRealms’ average house value in the city increased by 14% in six months from March to June 2018, compared with an average price increase of 13.3% over a 12-month period from July to September 2017.
Corerealms said median sales prices for homes sold by CoreLog are now higher than for houses sold by the median buyer, who was up by 10.3%, over a four-month span from March 2017 to March 2018:CoreRealm’s median sale price in 2018 was $564,000; the median sales price in 2019 was $579,000