Home Prices Continue Spiking Under The Biden Regime
Jose Nino
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Home prices increased in March to hit another all-time high for the sixth month out of the past twelve, per a report published by S&P Global on May 28, 2024.
The Case-Shiller U.S. National Home Price Index, which measures home prices nationwide, increased by 6.5% year-over-year in March, per S&P Global. The increase in home prices is higher than the general rate of inflation, which climbed upward by 3.4% year-over-year in April.
“This month’s report boasts another all-time high,” Brian Luke, head of commodities at S&P Dow Jones Indices, declared in a press release. “We’ve witnessed records repeatedly break in both stock and housing markets over the past year. Our National Index has reached new highs in six of the last 12 months.”
The top 10 American cities witnessed an even larger increase in home prices, going upward by 8.2% yearly in March, per the release. The index for the leading 20 American cities had their prices increase by 7.3% in February and 7.4% in March compared to 2023.
San Diego recorded the largest increase in home prices in March, climbing upwards by 11.1%, followed by New York and Cleveland, where prices grew by 9.2% and 8.8%, respectively. By contrast, Portland recorded the lowest price growth for the month, at only 2.2% year-over-year.
Americans who aspire to buy a home have faced a significant increase in the average rate for a 30-year mortgage, which is currently hovering at around 7%. The average reached high under the Biden regime of close to 8% in October 2023 after sharply rising from below 3% at the beginning of 2021.
Housing prices and rents have faced pressure from a surge in illegal immigration concentrated at the US southern border owing to a shortage of between 4 million and 7 million housing units across the nation. The foreign-born population has increased by 6.6 million since Biden was installed in office at the end of January 2021, with a projected 58% of those migrants coming from illegal immigration.
Home ownership is becoming a distant prospect for much of the middle class. This is due to onerous development regulations that restrict the housing supply and increased immigration that creates larger housing demand, thereby making housing unaffordable for the masses.
Only a regime of immigration restriction combined with an increase in housing supply can set things right here.
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