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Year over Year Recap in El Paso Real Estate

While inflation is to be expected over time, it’s raised some heavy concerns over the past year. Lumber and wage rate increases created a concoction ideal for exuberant home price growth, but also put home affordability in a place where it was out of reach from some working Americans who previously had the power to purchase. Let’s take a short look at some of the numbers over the past 3 years to compare the difference.

In El Paso, as we speak, the median sales price is at $208.4k. Between the same time last year (2020) and now, we’ve noticed a $25.5k increase in the one year alone. From 2019 to now, we’ve witnessed a $41.9k increase, but if you take note that would equate to only a $16.9k ($41.9k-$25.5k) difference between the years 2019 to 2020. Between now and 2018 we’re looking at over a $50.2k increase. If you take into account the growth between 2019 and 2018, you’ll notice it is nearly dwarfed by this years inflation rate, with only an $8.3k difference ($50.2k-$41.9k).

Isaac J. Olmos

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