House prices are at their highest point ever as the housing market continues to boom, leaving some buyers struggling to afford a home, according to a real estate group.
The median existing-home price topped $350,000 for the first time in May, a 23.6% increase from a year earlier, according to a Tuesday report from the National Association of Realtors (NAR). While existing-home sales fell 0.9% from April to May, prices continued to increase as supply struggled to meet demand.
A combination of home buyers leaving cities, low interest rates, and constrained housing supply has caused prices to skyrocket, according to a report from Redfin. While the market has benefited sellers, some buyers have been priced out, the The Wall Street Journal reported.
The website for a consulting firm owned and operated by Black Lives Matter Global Network co-founder and executive director Patrisse Khan-Cullors went offline recently amid reports that she’s in the midst of a multimillion-dollar real estate buying spree.
The firm, Janaya and Patrisse Consulting, LLC, is named after Khan-Cullors and her spouse, Janaya Khan. The firm stated on its website, which the Daily Caller News Foundation reviewed on Friday, that it specialized in “Transforming Organizations One Strategic Planning Session at a Time.”
Khan-Cullors, a self-described “trained Marxist,” has purchased four homes across the U.S. since 2016 for a total of $3.2 million, according to the New York Post. Her latest acquirement came on March 30 with the purchase of a $1.4 million home in the Topanga Canyon neighborhood in Los Angeles through a corporate entity under her control, according to a celebrity real estate news site.
A top Black Lives Matter activist called for an “independent investigation” into the group’s finances following a report that the group’s co-founder is in the midst of a multimillion-dollar real estate buying spree.
BLM Global Network Foundation co-founder and executive director Patrisse Khan-Cullors, a self-proclaimed “trained Marxist,” has purchased four homes across the U.S. since 2016 for a total of $3.2 million, according to the New York Post.
Khan-Cullors latest acquisition came on March 30 when she purchased a $1.4 million home in Los Angeles in the majority-white Topanga Canyon neighborhood. She purchased the home through a corporate entity under her control, according to Dirt, a celebrity real estate blog.
Housing inventory in the U.S. remains significantly low, driving a white-hot market in which buyers continue to resort to aggressive buying tactics such as inspection-free transfers and hugely inflated offering prices.
Data from the Federal Reserve show housing inventory began declining last summer before dropping sharply in October. From over 1,550,000 units in May of last year, the Fed says stock has dropped to just above 1,000,000.
The average home in California is expected to be valued at more than $1 million by 2030, according to research by RenoFi, an online company that specializes in home loans for renovation projects.
California has outpaced the national average for increasing home prices over the past decade, growing 78 percent and sending the average home value from $331,000 in 2010 to $598,000 today.