This month's summary includes a review of last year, so it's a bit long, but please keep in touch
Blue Pacific Realty
First of all, from the national summary. After all, 2021 was the year when real estate prices in the United States rose all at once. According to the National Association of Real Estate Agents, the median national home price in June reached a record high of $ 362,800, and the Case-Shiller Home Price Index peaked in August with real estate prices up 19.8% year-on-year. I recorded it. According to the American Real Estate Agents Association's annual report, about one-third of last year's homebuyers bought homes at prices above the asking price (!). Factors are low loan interest rates and supply shortages. Only 1.38 million homes were sold across the United States in June, down 23% year-on-year.
Let's move on to New York
Residential Market: Last year, Manhattan's average condo price was pushed up to $ 1.95 million. Where does this price increase come from? It's a sign that the wealthy are returning to Manhattan, and that domestic and foreign investors are returning to New York.
Office market: 2021, office workers have returned by about 30%, but still at a low level.
Rental Market: December is the first month in which the median rent in Manhattan exceeds the pre-pandemic period. Median rent reached $ 3,392 in December, up 0.1% from December 2019. Finally, it can be said that the rental market has normalized. (The median rent was highest in April 2020, at $ 3,540 per month.) However, the number of lease signs has dropped 39% from last year, suggesting that the peak return to New York has passed. increase.
What about the renter's circumstances in response to rising rents? In December, there is data that one in eight renters nationwide who are delinquent in rent payments live in New York City, indicating that the lives of the poor in NY are being squeezed. In the future, New Yorkers will find it more difficult than ever to find a reasonably priced apartment.
In addition, the Rent Moratonium (Rentor Expulsion Prohibition Order) will end on January 15, and rent delinquents will be expelled for both residential and commercial use. In line with this, land road property management is expected to gradually move toward stability. Until now, commercial real estate and multi-family companies have been sold cheaply due to cash flow difficulties, but this will be resolved.
Is America Too Strong in Individual Freedom of Choice?
In response to New York State Governor Kathy Hochul's proposal for masking this week, state judges have concluded that making masks mandatory in public spaces is unconstitutional and cannot be enforced on the people of the state. With this ruling, there is no longer any obligation to wear masks, including children attending school. Children are free to choose whether or not to wear a mask in public spaces such as schools. NY, which has a lot of political liberals, has a high sense of crisis about Corona, and as a result, parents who send their children to school have more concerns. Omicron's symptoms are mild to most people, but people with underlying illnesses often die, and we can't help but be alert. This ruling has received a lot of attention. In New York, where there is a lot of political liberalism and the rate of wearing masks is high, this ruling shows how the United States guarantees the right of individual freedom of choice.