Supply of homes for sale hits record low, and prices suddenly jump

CNBC | 1/22/2020 | Staff
shardonayshardonay (Posted by) Level 3
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The huge imbalance between supply and demand caused the median home price in December to jump 7.8% annually, the biggest annual increase in almost four years. Prices were up just 5.4% annually in November. The inventory shortfall is worst at the lowest end of the market, and, as a result, that is where prices are surging most.

"It will reach a choking point," said Lawrence Yun, chief economist for the Realtors, suggesting that higher prices will soon sideline a growing number of buyers.

Sales - Homes - % - December - Price

Sales of homes priced below $100,000 were down 7.7% annually in December, while every other price category saw increased sales. That is because there is so few for sale at the entry level. Investors have been very active in this category, turning these...
(Excerpt) Read more at: CNBC
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