The Dow plunged more than 650 points, but look at this…
Real Estate Market “Continues To Rock And Roll”
October 26 (King World News) – Peter Boockvar: New home sales in September totaled 959k, about 65k less than expected and August was revised down by 17k to 994k.
Either way, these are the highest monthly level of sales since 2006. Months’ supply did tick higher to 3.6 from 3.4 but is historically still very low as the 20 average is 5.8.
The median home price rose 3.5% y/o/y but this bounces around a lot each month as mix is the big driver. The average price rose to a record high of $405,400, again mostly due to mix as there was a pick up in homes sold priced above $750k and a decline in those sold below $300k.
Regionally, sales in the Northeast fell to the lowest since May but are up sharply since then down South and out West.
Bottom line, inventory is most needed in the under $300k price range but that is where the margins are the slimmest. As most of the buyers here are first time, they are very sensitive to higher prices notwithstanding the mitigation of lower rates…
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The upper end of the market continues to rock and roll for reasons we all know. I remain on the watch to see at what level of price gains do buyers call a time out waiting for my supply to quell the sharp price increases.
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Shocking Comparisons 1968 vs Today
***ALSO JUST RELEASED: This Too Shall Pass: Shocking Comparisons 1968 vs Today CLICK HERE.
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