JUNE 1ST, 2023

Alaska Mortgages

The housing situation in Alaska has always been different than other states. The physical realities of life in Alaska are so different than anywhere else in America, and the results of this can be seen in the housing statistics. According to the US census, there are 260,978 housing units in Alaska. Of those, 152,688 or 58.5% of the total number are single unit, detached structures. This is easily the largest percentage of the total houses, with the next highest percentage being 3 or 4 unit structures which account for only 7.4% of the total units. The median value of a home in Alaska is $144,200, with most homes falling in between $100,000 and $150,000. Home ownership in Alaska is 62.5%, which is just slightly lower than the national average of 66.2%. The median household income for Alaska, according to the US census, is above the national average by more than $10,000, at $51,571.

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The new housing market in many areas of Alaska is doing better this year, although few would have predicted it. The construction boom is especially in Juneau, despite the city having among the state’s highest costs for new construction of single-family housing. The costs are calculated by the Alaska Housing Finance Corp. For second quarter, AHFC reports the average sales price of a newly constructed home are high, with an existing home costing an average of $100,000 dollars less.

Rates may climb or stay the same, but are not likely to drop. It is undeniable, however, that no matter what happens, rate fluctuation does have a measurable impact on purchasing. Low interest gives a purchaser more purchase power, more house for the buck. Real estate buyers and sellers find the appraisers consumed with re-financing, which slows the process for home purchases.

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The market, when compared to the previous year, is slightly improved but construction remains a high priority for many. Alaska is still a strong seller’s market for anyone who has a nice, clean house in good nick. Housing prices are up in all categories, with good indication that they will continue to rise. There is a strong buyers’ demand which is currently outpacing the available sellers.

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