El Paso Home Prices Up 1% In Just One Month, Are We In A Bubble?
The El Paso real estate market is white-hot right now but are these homes really worth the skyrocketing prices?
A new report from the El Paso Times sheds light on a lot of the El Paso real estate trends right now.
For example, just in the month of May home prices in El Paso rose almost 1%, which is actually a huge increase in such a short amount of time.
The median, or typical, price of a home in El Paso County, as of May 2022, is $282,250, which is more than almost 1% of the cost of the same home in April.
However, El Paso real estate is actually a little less hot than the rest of the country. In Texas, the median price for a house was $397,000 in May, up over 7% from April!
But this trend isn't a local phenomenon. Every state in the country has experienced a rapid rise in home prices and valuation.
In the United States right now, the median price for a home is $446,950, up over 5% from just a month ago.
I guess you could call it inflation but this type of increase in the price of homes makes me wonder is it really worth it? Are we seeing a bubble expanding right in front of us in real-time? And will that bubble burst anytime soon?
Either way, if you have a home right now and you're thinking of selling it might be the best time ever.
And if you're thinking of buying a home right now, you should probably wait and see what interest rates might be in a year or so after this bubble pops and ruins the party for everyone.
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