U.S. housing market isn’t the only one that’s sizzling

U.S. housing market isn’t the only one that’s sizzling

U.S. housing market isn’t the only one that’s sizzling
The alarming rate at which home prices have been rising across the U.S. over the last few years isn’t unique to America. Housing markets across the world have experienced similar surges and according to a new report affordability is a problem in other countries as well.

Reuters conducted a poll of experts covering eight key markets and found that homeowners around the world are seeking more space since the pandemic began. Still, these same experts believe that price increases should cool down over the news couple of years.

Home prices in Canada, Australia and New Zealand are all expected to rise by double digits this year and begin to slow in 2022. Similar trends are expected in China, Britain, India and Dubai as well.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.00 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.