The past year has been like no other, housing-wise. Near-record-low interest rates, tight housing supplies and greater flexibility in where one lives have pushed a normally predictable housing cycle into uncharted territory, as three new housing reports show.
The RE/MAX August National Housing Report cited records for lowest inventory as well as highest median sales price. Home sales rose by 4.3% and marked the third-highest total in the report’s 13-year history covering 53 metro markets.
Despite a rosier report this week from HUD and the Census Bureau, which reported a 16.6 percent increase in May new home sales, the overall home market suffered a bit, according to RE/MAX, Denver, which reported “muted” home sales activity in May.