Neighborhood Inscope

The Bubble Blows Bigger! Median National Home Price up 5.9% in February '18

By Dr Denver H. Bubble

Wed Mar 21 2018

After two straight months of downward sloping data, existing homes sales rose 1.1% in February 2018. Median home prices rose 5.9% year-over-year. Month-over-month, existing home sales rose 3.0% versus 0.4% expected. However, there was a clear divergence between single family homes and condos. Single-family homes sales increased 4.2% while condominium and co-op units declined 6.5%. While purchases rose 11.4% month-over-month in our home region of the West, the Northeast saw a 12.3% month-over-month declines in sales that is being blamed on Nor'Easters the pummeled the eastern seaboard

The biggest story continues to be the lack of inventory in the housing market. The inventory of available properties declined 8.1% year-over-year to 1.59 million, the lowest for February dating back to 1999 when the population of the United States was almost 47 million less than today. Our friend Lawerence Yun of the National Association of Realtors said, "inventory conditions remain very tight." Talk about your understandments

Image Source: