US Property Prices Grow for 28th Consecutive Month
Figures released last week by the National Association of Realtors (NAR) show that property prices in the United States recorded their 28th consecutive month of year over year growth in June.
The latest data shows that the median existing-home price for all housing types across the country was US$223,300 in June, which is 4.3 per cent higher than what it was in June 2013.
The NAR research also revealed that more Americans are re-entering the housing market. Existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – in June reached an annual pace of 5 million sales for the first time since October 2013, while the number of homes coming onto the market is also rising.
The recent data has led many US property experts to believe that the housing market in the country is in its healthiest state for quite some while.
“Inventories are at their highest level in over a year and price gains have slowed to much more welcoming levels in many parts of the country,” said Lawrence Yun, NAR chief economist. “This bodes well for rising home sales in the upcoming months as consumers are provided with more choices.”
However, Yun also believes that if it wasn’t for stagnant wage growth, the property market could be performing even better. “Hiring has been a bright spot in the economy this year, adding an average of 230,000 jobs each month,” he said. “However, the lack of wage increases is leaving a large pool of potential homebuyers on the sidelines who otherwise would be taking advantage of low interest rates. Income growth below price appreciation will hurt affordability.”
Of course, while a strengthening property market is good news for the overall state of the American economy, the rising prices won’t be so warmly welcomed by potential future US immigrants, who may find themselves looking for a property in the US in the near future.
Therefore, this could make the currency exchange process even more important for future immigrants who are determined to go make their money go as far as it possibly can.
While some would-be immigrants view the exchange market as little more than a lottery, and are happy to exchange their money when they have it regardless of the rate they receive, wiser emigrants plan the exchange well in advance by engaging the services of a specialist foreign exchange firm like Halo Financial.
When exchanging large lump sums for emigration purposes, small change in the market can have a significant impact on the amount of money you could be potentially starting your new life with.
For example, if you have recently sold your UK property and decided to exchange, say, £150,000 for US Dollars on Friday then you would have received US$255,450. However, had you exchanged on 30th May, then you would have received just US$250,500 – a potential loss of US$4,950 towards a new property!
To find out how you can make sure you can get the best exchange rate possible, and take advantage of positive fluctuations in the markets, visit www.halofinancial.com/BEJul14