US real estate prices have continued to rise despite higher mortgage rates. According to the National Association of Realtors (NAR), the average home price has increased almost every month in 2022. For example, it hit a record high of $413,800 in June before falling to $389,500 in August.
Mortgage rates surpassed 7 percent last week, the highest level since 2002. Fixed-rate mortgage rates rose to 7.08 percent, up from 6.94 percent the previous week and 3, according to the Freddie Mac report. 14 percent last year.
“As inflation continues, consumers see higher costs at every turn, leading to a further decline in consumer confidence this month,” Sam Khaterthe chief economist at Freddie Mac said in a statement.
“Many prospective home buyers are choosing to wait and see where the housing market will end, further depressing demand and home prices,” Khater added.
Meanwhile, celebrities across the US are busy making big real estate moves. Here are some of the celebs who are selling their properties at ridiculous prices.
Also Read: How Investing in Real Estate Just Just Got Easier
The Host of Celebrity IOU: Joyride ant instead reportedly plans to sell his Laguna Beach Hut for $3.3 million. Anstead bought the home in 2021 for $2.8 million.
The cottage covers an area of 1,968 square feet and was built in 1929. The home sits on a 6,925 square foot lot above Woods Cove. The house offers views of Catalina Island and the coast.
“Harry Potter” star Daniel Radcliffe recently sold his Manhattan condo for $5.3 million.
Radcliffe bought it in 2008 for $4.9 million, and the condo spans 2,445 square feet. Radcliffe’s former home building amenities include a doorman, concierge, fitness center, on-site parking, bike storage and a children’s playroom.
Hollywood star Ben Affleck recently sold his 13,500-square-foot home to an unknown buyer for $30 million. The property features seven bedrooms, nine bathrooms, a gym, a screening room and a spa.
The story goes on
Affleck bought the home in 2018 for $19.2 million. Affleck has moved into his new home with his wife, Jennifer Lopezand five children.
TV series “Dallas” star Patrick Duffy plans to sell his mansion on the Rogue River outside of Medford, OR. The actor is asking $14 million for his 383-acre estate.
There are four bedrooms and four bathrooms in the 3,010 square foot home. Duffy’s property includes 100 acres of irrigated land and a 1 acre private lake. The property also features a spa hut, wine cave, pool house, large garden and two guest houses.
actress Sandra Bullock plans to sell her property for $6 million. The property consists of three properties covering 91 hectares in Valley Center, California, approximately 40 miles northeast of San Diego.
She bought the land in 2007 for an undisclosed amount. The property features four-bedroom suites, as well as avocado and citrus groves. The main house is a 6,000 square foot area.
Politician Mitt Romney recently sold his lodge in Utah for $11.5 million. The mountain property is located in Deer Valley in Park City. Romney bought the property in 2013 for more than $9 million.
Covering 8,700 square feet, the property includes six bedrooms and 7.5 bathrooms.
Planning to invest in real estate for passive income? Here’s how you can invest in a rental home for as little as $100.
Photo: Courtesy of Gage Skidmore on flickr
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