Homes Are Selling, Prices Are High, Interest Rates Rising
Sales of previously-owned homes are soaring nationwide, even though the supply of those homes is at a record low.
The National Association of Realtors says sales of existing homes jumped six-point-seven percent in January 2022.
That works out to an annual rate of six-and-a-half million units.
Tight supply and strong demand boosted the median price of a home in the U-S to 350-thousand dollars.
That’s 15% higher than a year ago.
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Photo from Alpha Media Palm Springs CA