No End in Sight to Housing Boom
October existing home sales climbed +4.3% to an annualized pace of 6.85 million units, the highest in 15 years. Analysts had expected a slight contraction after the revised +9.9% rise in September. On a year-over-year basis, existing sales are up an eye-popping +26.6%, despite limited availability of homes on the market. The median sales price for an existing home jumped +15.5% from a year ago to a new record high of $313,000. At the current pace of sales, the available supply would evaporate in 2.5 months, the lowest month’s supply on record.