- Prior was 6.34m
- Sales change +1.9% vs +0.8% prior
- Supply 2.1 months vs 2.4 month prior
- Median prices $353,900 vs $353,900 prior
- Median prices +13.9% y /y vs +13.1% y/y prior
- Full report
There's plenty to like about US housing in the years ahead. I think covid has finally healed the scars from the housing crisis and low rates will fuel demand despite the Fed offering up a few hikes. The frenzy is only beginning and 2.1 months of supply is telling.
“Determined buyers were able to land housing before mortgage rates rise further in the coming months,” said Lawrence Yun, NAR’s chief economist. “Locking in a constant and firm mortgage payment motivated many consumers who grew weary of escalating rents over the last year.
“Mortgage rates are projected to jump in 2022, however, I don’t expect the imminent increase to be overly dramatic.”
“Supply-chain disruptions for building new homes and labor shortages have hindered bringing more inventory to the market,” said Yun. “Therefore, housing prices continue to march higher due to the near record-low supply levels.”
The consensus for US home price growth next year is around 6%. I'll take the 'over'.
