Panic home buying over asking price has gone global

According to the National Association of Realtors©.

Existing homes sales reached its highest level in 2020 since 2006.

In 2020 the price of a house rose 9% and the median home price is $329,100 in March an historic high.

Nearly 2 out of 3 homes sell above asking price in California. Home buyers are welling to pay up to 70% or more over asking price.

It’s not just here in the United States according to a report by CNN.

CNN business reported today that “People are panic buying homes as prices skyrocket around the world” in rich countries.

37 countries that are part of the Organization for Economic Cooperation and Development (OECD) rose by 6.7% between Q4 2019 and Q4 2020.

House prices in Britain surged 8.5% in 2020 despite the worst recession in more than three centuries. That’s the highest annual growth rate since 2014, according to the Office for National Statistics.

In Portugal, foreigners have been snapping up houses despite not being able to view the properties they’re buying. Prices there jumped 6% in the fourth quarter of 2020 compared with the same period a year earlier, according to Knight Frank data.

In New Zealand — where median prices for residential property increased by more than 24% over the year to March to a record high — the government is under pressure to stabilize the market, according to Wendy Alexander, the acting CEO of the Real Estate Institute of New Zealand.

In China, where house prices in “tier-1 cities” including Beijing, Shenzhen, Shanghai and Guangzhou rose by 12% on average year-on-year in March, “Beijing is more determined than ever to rein in property leverage,” analysts at Societe Generale said in a note last week.

Read the full story “People are panic buying homes as prices skyrocket around the world”
Source:CNN, OECD Analytical House Price Database.