The ‘Boom’ in architecture is here to stay
By DANIEL LEISBERG Associated PressBUENA PARK, Fla.
(AP) A booming market for new homes and condos has pushed up prices across the nation.
But new construction has been booming as well, as some buyers seek out the more spacious living spaces and amenities that have made new homes so appealing.
A new report released Thursday by the real estate research firm Zillow found that the median price for a one-bedroom in the United States was $2.5 million, up 10% from a year ago.
Zillows also said prices for two-bedroom homes, or a two-bathroom home, are up 10.6% from last year.
The median price of a three-bedroom home is up 19.4%.
Zillow said its findings aren’t a surprise.
New homes are more affordable than they’ve been in years.
They are often more spacious, with more features and more amenities.
Zellers’ research also showed a 10% increase in the number of luxury homes in the U.S. last year compared to a year earlier.
The report showed the average price for the median home in the top 10% of the market rose 2.4% to $1.7 million from $1 million.
The market was in a state of upheaval from the financial crisis, but the number has rebounded since.