Real Estate Market is HOT!
Existing Home Sales
Existing Home Sales, which measures closings on existing homes, were up 9.5% in September. Because these are closings, it likely represents buyers shopping for homes in June and July. Year over year, sales are up 21%, which is the highest pace since 2006. Inventory remained tight - There were only 1.47M units for sale in August, down 19% year over year, with a 2.7 month’s supply. If there were more homes for sale, sales would be even higher. The median home price was reported at $311,800, up almost 14% year over year. But this doesn’t mean homes are not affordable, it just means the middle-priced home that sold was $311,800, meaning half the homes sold below it and half above it.