Breaking News: Real estate is expensive
This just in from the National Association of Realtors for July: “Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 500,000 units in July, down 9.1% from June and down 29.6% from one year ago” “The median existing condo price was $345,000 in July, an annual increase of 9.9%.” Single Family homes were up 10.6% for the same period.
From the Wire, this morning:
The current housing slowdown is different from previous cooling markets because it comes at a time when the economy is otherwise doing well, economists say.
Buyers are backing off – not because of a poor job market or high interest rates – but because the housing stock is out of their price range.
But with interest rates still relatively low and credit available, home buyers are starting to dip their toes back into the market, some economist say. And that could help mop up excess supply.
Up tomorrow: During winter, it’s cold.
Source: Home Prices Just Too High for Many Buyers – By Mark Trumbull, Christian Science Monitor, by way of Realtor.org
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