realestate

The housing data coming out this month is insane. I’ve been collecting data posted by Bill McBride on calculatedriskblog.com and here’s the data for 9 different markets over the last week.

Those aren’t typos. In almost every market there are only about 2 weeks worth of homes on the market.

I don’t have the right words to describe how crazy the housing market is. Until people want to move, it will be extraordinarily hard to buy a house.

The Case-Shiller housing price index came out today…. and it’s up 11.2% year over year. The housing market is just crazy right now in terms of prices.

Why are things so crazy? This graph really says it all:

Housing inventory is down over 50% year over year now. Until there are more houses to purchase, this will continue to happen and prices will continue to increase.