High demand and low inventory catapulted average home prices in Alaska to a record $388,648 last year.
High demand and low inventory catapulted average home prices in Alaska to a record $388,648 last year, according to a new statePrices soared 8.9% in 2021 from the year before, the third-highest jump in three decades and only slightly below the record set in 2005, according to the Alaska Department of Labor and Workforce Development.as low interest rates and savings boosted by pandemic relief payments drove demand.
Ketchikan, a picturesque Southeast Alaska community of about 8,000, had the biggest housing price jump in Alaska last year, a 16% increase to push average prices to $439,961, according to the state’s report. Sue Perrins with NeighborWorks Alaska, which provides loans that help low-to-moderate earners buy homes, said costs are getting so high that some people the organization works with are setting aside their plans to buy a first home or to move to a larger one.
He said the housing agency works with Alaska banks and other lenders to offer programs that provide low-interest loans for many Alaskans, such as first-time home buyers, veterans or people with lower incomes. “It’s still very active,” she said. “It’s a combination of a lot of things. There’s still a lot of demand for housing, a real lack of inventory, and in my view, the increase in interest rates has slowed things down a little, but not appreciably.”
Bagley said buyers are still often offering cash to beat out competitors, and avoid appraisals and banks that can slow a sale or limit the offer.
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