Next Big Futures, an agency of Next Big Markets, released a report Monday suggesting the U.S. housing market has reached a peak and is still far from recovering.
The report, which looked at market trends in the past decade, found that the average price of a single-family home in the U, which includes a home with a kitchen and bathroom, had grown more than 50 percent from 2010 to 2015.
In the past 10 years, average home prices increased by more than 70 percent.
That’s a significant amount, but is it sustainable?
The average home price rose by more $2,874 between 2010 and 2015, according to Next Big futures.
“The trend is still not sustainable,” Next Big president, Dan Stansbury, said in a statement.
While there are still plenty of people who could afford a home, the market for new homes is far from booming, he added.
More people are buying homes than renting, which is hurting the housing market, the report said.
People are buying new homes in order to help their families buy a home or for their own retirement, but that’s not going to help the overall market.
Meanwhile, the number of Americans buying a home is down, the median price of the home has risen by more then $300,000, and the median income of the homeownership has declined.
But there’s more to the story than just this chart, Stansberry said.
The number of people buying a house has also been increasing in the last 10 years.
During the same time period, average price increased by $6,096 and median price increased more than $1,300, according the report.
With more people buying homes, there’s going to be more demand for them, and that’s going in the wrong direction, Stensbury said.
“We don’t need to be buying more houses to get the economy going again,” he said.
“The housing market is in an awful mess.
The market is just going through a phase of extreme consolidation.”
The report also highlighted the fact that home values are rising and demand is still low for the majority of Americans.
According to the report, home values rose by an average of 6.5 percent between 2011 and 2014, which Stansby said is far below what people would typically expect.
And despite that, home prices have been rising by an even more extreme rate.
Between 2015 and 2021, home value increased by 5.5 to 7.5 times faster than the market, according Next Big.
To make matters worse, prices have risen even faster than wages.
For example, between 2012 and 2021 home values increased by 8.4 times faster, on average, than the average wage, Next Big said.
That’s not good enough, according Stansburgh.
Stansbury said the housing bubble that created the Great Recession in 2007 and 2008 should have ended long ago.
We need to have a new paradigm, he said, pointing to the housing boom that occurred in the early 2000s and the housing bust in 2008 that caused the Great Depression.
However, there was no new paradigm to put in place, he explained.
Instead, we are stuck with the old paradigm.
Stansberry also said it’s important to remember that Americans have always been buying houses and apartments.
Even before the Great Collapse, people were buying homes to build up wealth, he continued.
What’s changed is the pace of that growth.
It’s not just that there’s a lot of housing stock in the market anymore.
It’s also that people are more willing to take on more debt than ever before.
So, if you want to build a house, you have to buy a mortgage.
If you want a home to be affordable, you’ve got to pay for it yourself.
Stainsbury said he is hopeful that the Federal Reserve will ease monetary policy and ease the housing crisis, which has left millions of Americans struggling to make ends meet.
He said the Fed’s recent decision to increase interest rates is also an opportunity to get more housing built, but it’s a difficult situation that requires all of us to work together.
At this point, it seems the only way to make sure that the economy is running on time and the markets are functioning well is for the Fed to tighten monetary policy again.
I think that is something that we’re going to have to look forward to, but we have to keep our eye on the ball,” he added, calling for a focus on job creation and economic growth.