Even with short supply and prices that seem to have no ceiling, home sales continue to baffle the market. Surges in pricing aren’t stopping city-dwellers and others from outbidding one another for any available lot or home. Demolition and new construction contribute to the climb. Full report now available from various sources – CNBC report can be found here.
Key points from CNBC:
- Sales of existing homes in October soared well past expectations, rising 4.3% compared with September and 26.6% annually.
- There were 1.42 million existing homes on the market at the end of October, a 19.8% drop compared with October 2019. At the current sales pace, that represents a 2.5-month supply, the lowest on record.
- The median price of an existing home sold in October was $313,000, up 15.5% annually. That is the highest median price on record and reflects the far stronger sales on the higher end of the market.