Alaska housing prices continued to rise rapidly last year with an average home selling for $423,000, even as higher borrowing costs made them less affordable, according to a new report from the Alaska Department of Labor.
People work on new home construction in the West Park neighborhood on Thursday, May 4, 2023 in South Anchorage.
“Prices in our area are still increasing,” said Ann Sparks, a Realtor with Platinum Keller Williams Realty Alaska group in Juneau, where average prices are the highest in Alaska. “We have low inventory; however, less desirable homes are not flying off the market like last year.” Dale Bagley, a Realtor in Soldotna with Redoubt Keller Williams Realty Alaska group, said houses on the Kenai Peninsula are also selling fast. Home prices on the Peninsula averaged $385,000 last year, up 37% from 2019, the report said.
The growth in interest rates began early last year, ending the ultra-low rates that had made housing extremely affordable the previous two years, the report says.Federal Reserve raises key interest rate but hints it may pause hikes amid bank turmoilIn early 2022, one person’s average wages was nearly enough to buy an average-priced single-family home, the report says.
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