There’s a Price to Moving to Popular States: Rising Real Estate Costs

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US population growth stalled last year. But some states grew faster than others—and so did their home prices. Idaho topped the Census Bureau list of fastest growing states between July 2020 and July 2021, with 48,876 new residents relocated from elsewhere in the US.

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This may come as no surprise to Idaho homebuyers, who saw prices rise as new residents flock to the state during the pandemic. According to Realtor.com, in November, Idaho’s average listing price was 19.2% higher than a year earlier, more than double the average national increase of 8.7%. (Realtor.com is operated by Move, which is owned by Dow Jones parent News Corp.,
) In Idaho’s two largest metropolitan areas, Boise and Coeur D’Alene, prices rose 16% and 44% year over year, respectively. (Barron’s Spotlight Remote Workers and Boise Real Estate in September’s cover story.)

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It’s not just Idaho. Montana was No. 3 in terms of percentage population growth, but overtook every state in home-value growth in November at 37%, All the fastest growing states saw a faster-than-average increase in prices.

Home migration was a significant contributor to all 10 fastest growing states, including Arizona, South Carolina, Delaware, Florida, Nevada and South Dakota. But it wasn’t the only trend at play. In fast-growing peoples such as Utah and Texas, birth contributed significantly to population growth.

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Will any of this change? Economists polled by the National Association of Realtors see home price growth falling to 5.7% in 2022. He offered no idea as to how to start improving the population.

Last week
capping a very good year

In a thinning market, stock indexes advanced to start the week, as did oil — buoyed by optimism on Omicron. S&P 500 touched new highs – Nos. 69 and 70 for the year – on Monday and Wednesday. Tech and energy surged, but riskier assets like bitcoin and recent IPO stocks sold out. At the end of Thursday, the Dow industrialist was up 18.9% in the year to 36,398.47; The S&P was up 27.2% to 4778.79; And the Nasdaq Composite was up 22.1% at 15741.56.

a revived economy

Jobless claims fell to their lowest level in 50 years, although after Christmas, there are fears of an Omicron-linked increase in layoffs. Holiday spending was up 8.5% both online and in store from November 1 to Christmas Eve, with consumers blunting the Omicron boom by making early purchases. Some of that gain was from inflation, which stood at 6.8% yearly in November. Salaries are also rising, but not as fast. A Conference Board survey found that employers are expecting an average growth of 3.98% in 2022. Home prices were up 19.1% year over year in October.

ohmron wave

Airlines canceled thousands of flights as cases of employee Omicron grew. The administration’s chief science officer, David Kessler, argued that the data suggested case numbers could peak around the new year. Still, other health officials warned of a flurry after the holiday. The Centers for Disease Control and Prevention reduced the recommended isolation period to five days for asymptomatic new cases. CDC monitored 86 cruise ships with COVID cases.

Putin on core security

Russian President Vladimir Putin continued to warn that Russia would defend its interests against NATO expansion in Ukraine. “We will act on the basis of our core security,” he said. Russia has 120,000 troops on Ukraine’s eastern border. Putin and President Biden held talks on Thursday ahead of security talks scheduled for January 10 in Geneva.

Valley Talent War

Businesshala reported that Apple was paying a stock bonus of $50,000 to $180,000 to retain engineers, in an effort to mitigate the flaw in the meta platform.,
Meanwhile, Apple’s stock market value approached $3 trillion.

History of Deal Making

FactSet Research spends $1.9 billion to buy securities identification company

Cusip Global Services from S&P Global. S&P divests Cusip to get approval for merger with IHS Markit,
In return, IHS sold Base Chemicals to News Corp. for $295 million. (News Corp owns baron’s Parent Dow Jones)…Starboard Value picks up a 6.5% stake in domain registry GoDaddy for about $800 million…Oak Hill Advisors agrees to buy a controlling share in a new 55-story office building in Chicago from Howard HughesCorporation
The deal values ​​the building at $1 billion…Elon Musk completes his $16 billion sale of Tesla shares.

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