Housing prices in the Washington, DC metropolitan area have reached their highest prices since 2006, according to Urban Pace’s end-of-the-year housing market report. At the same time, housing inventory growth declined last year and is down more than 60 percent from its 2007 peak.
At the Urban Land Institute’s Spring Meeting in Houston, the real estate industry’s top leaders gathered to discuss the latest ideas and trends while seeking solutions to challenges on the horizon. LHB’s Leslie Braunstein contributed to the knowledge base by authoring articles on a number of conference topics ranging from what millennials want in housing to how office space could become a service delivered on demand, like Uber rides.
Just weeks before his 101st birthday, Reston (VA) founder Robert E. Simon, Jr. cut the ribbon for a new luxury apartment community, Harrison at Reston Town Center, calling it “phenomenal.”
Many of the hundreds who attended The Harrison’s grand opening weekend agreed; The Harrison boasts the most expansive array of resort-style amenities of any rental property in the area.
Despite rising interest rates and eroding housing affordability, the average cost of home ownership in the US as a percentage of income is extremely low, according to a new report by Grosvenor Research. “The cost of owning a home in the US as a percentage of household income is now about ten percent, well below the 20-year average of about 14 percent and the 34-year average of more than 17 percent,” said Eileen Marrinan, Director of Research for Grosvenor Americas. “In contrast, the cost of renting as a percentage of income is much higher at almost 14 percent.”