A survey conducted by RPR Real Estate shows that sales prices in the U.S. are expected to increase at a faster rate than they have in decades.
The report by the real estate brokerage also found that the average price per square foot is expected to go up by $6,000, but the average buyer will see a $5,000 price drop.
That is according to a report by RPS, the largest residential real estate company in the country.
RPS reported a 2.9 percent increase in the average sale price for homes valued at $1 million or more in January, which is up from 1.6 percent in January 2017.
RPR said it expects that to increase to 2.6 million square feet for new listings in 2018.
Sales in the residential real-estate sector will increase by 2.5 percent in 2018 over 2017, the report said.
In addition, RPR predicted that home sales in the commercial real-property sector will rise by 0.7 percent in 2017, and by 0% in 2018 compared to 2017.
The RPS report also said that the number of transactions in the nation’s housing market is expected be over 6.6 billion in 2018 from 6.5 billion in 2017.
That includes new home purchases and sales, according a report from CBRE.
The number of home transactions was expected to be over 7.2 billion in the second quarter of 2018, up from 6 billion in Q2 2017, according the report.
This is the first time since 2011 that RPR has seen sales increase in 2018 and RPS said it is not expecting that to slow down.
“With an aging population and an increasing demand for homes, we expect to see an increase in home sales for 2018,” said Matt Siegel, chief financial officer for RPR.
He said RPR is continuing to invest in home construction.
“We’re adding new projects every month,” he said.
Rpr is projecting that the total number of homes built in 2018 will reach 2.7 million.
In the first quarter of 2019, Rpr reported that the nation had 3.5 million homes built, down from 4.6.
This decrease was due to construction delays and a lower pace of new construction.
RPPs report also noted that sales of all types of homes are expected increase from 2016 levels.
The average sale of a home in 2017 was $1.4 million, but RPP predicted that the figure will reach $1 billion by 2020.
Home prices are expected continue to rise for all types and sizes of homes.
The price of a two-bedroom home is expected increase by $3,000 for the first half of 2020, the average sales price of two-bedrooms in 2018 was $3.1 million, and the average two- and three-bedroom homes in 2018 were $3 million and $3 billion, RPP said.
The highest price ever for a two bedroom home was $9.638 million in September 2017.
Average price of three- and four-bedroom houses was $7.4 and $7,734, respectively, the company reported.
RFP reported that its average price for a home with three bedrooms was $2,919, and for a four bedroom home it was $4,849.
Home sales are expected be up across all segments of the economy, including luxury and affordable housing.
RFS reports that the national median price for single-family homes is expected in 2019 to be $275,000.
For condos, the median price is $200,000 and the median income is $125,000 in 2018 for single homes and $165,000 each for condos, RFS said.
“The national median for single families was $310,000 at the end of 2018.
We’re also seeing an increase across all income groups, especially for middle-income families,” said Mark Johnson, chief economist for RFP.
RPA reported that home prices in many markets are expected as high as $2 million in the coming years.
“For the most part, this is the highest prices we’ve seen in years,” Johnson said.
For instance, prices for single family homes were $1,929, for condos $2:1, and in single- and duplexes $4:1.
“It’s really just the beginning,” Johnson added.
“You have to be realistic about this.”
The report also predicted that a higher percentage of homes in a given market will be purchased by the owner of the home.
“When you see a home being built, it will be the owner’s property,” Johnson noted.
The median sales price for condos was $10.3 million in 2018; the median sale price was $13,800 for single and $21,900 for duplex homes, RFP said.
Johnson said he expects that sales will continue to grow across the