Housing sales are up to 6.85 million annualized pace – close to the peak pace of the housing bubble in 2007!
What does this mean for prices? Inventory is at an ALL TIME LOW. Prices will be rising rapidly going forward. (h/t to Bill McBride at calculatedriskblog.com)
I discussed the housing market on Tuesday – there are no houses to buy. Well, it is even worse now. From my friend Bill McBride at Calculatedriskblog.com, here is the NAR month’s supply of houses.
There are only 2.7 months supply. That is incredibly low and will lead to rapid price increases in the next 12 months.
Some folks are concerned about forbearance and then a rush of inventory. Even if 1-2 million houses hit the market today, prices would still likely increase over the next 12 months.