New York’s real estate market is one of the biggest in the world and the price of real estate in the city has increased by an average of 2.7% per year since last year.
“I’ve never seen a price increase this fast in the US in my life,” said Peter Lefebvre, an associate professor at Columbia University’s School of International and Public Affairs and author of The Price of Inequality: Why The Real Estate Bubble Has Broken Free.
“But I think we can expect a lot more rapid price increases in the coming years.”
Lefebrieres forecast that in the next two years the average price of homes in the United States will increase by an annual average of $1,929, compared to a year ago.
The real estate industry is experiencing a boom in the area.
The value of the average home in the metropolitan area has jumped from $1.4 million to $2.3 million over the last two years.
That’s the biggest increase since 2007, according to the latest data from the National Association of Realtors.
The median price in New York City has more than tripled in the past five years, from $325,000 to $1 million.
This is also happening in other parts of the country.
Leferebecres forecast $3.2 million more in homes would be sold in the same period than a year earlier.
In the past year, the price in Dallas increased by 7.5%, Los Angeles by 5%, and San Francisco by 2.8%.
In Los Angeles, the median home price has risen by nearly $200,000 in the last five years.
According to Lefrebecres, the average value of a home in Los Angeles is up $1 billion since 2007.
The average price in San Francisco increased by 2% in the first quarter of this year.
This may seem small, but it represents a 27% increase in the value of homes over the same time period.
San Francisco, Leferencias home base, has seen a massive influx of foreign buyers in recent years.
According to Lefebris research, a record 1.5 million foreigners have bought homes in Los Angles alone since 2014, with nearly half of the buyers coming from China.
This influx of money has caused prices in the luxury housing market to soar.
In 2015, a total of 8.2% of all homes in San Jose sold for more than $1m, according Lefembris.
This number is expected to rise to 10% in 2020, according the Real Estate Board of New York.
While many experts have pointed to the recent downturn in the housing market as a major factor in the increase in prices, Lefebreres said he is not so sure.
“The market is still strong and prices are still going up,” he said.
“I think this is a long-term trend.
This boom is going to last for a while.”
Lefebreras prediction is also partially based on the fact that there are only about 400,000 units available in the Greater Los Angeles area, according his research.
“If you were to ask me, ‘How can we stop this from happening?’
I would say we have to go out and get more people into the market,” he added.
“That’s why the new regulations have been so important.”