Housing Boom: Sales of Million-Dollar Homes Double

"It is great news for homeowners as they are seeing equity rise and rise," says Lawrence Yun, the chief economist for the Realtors group. But he says prices are rising too fast. Generally, he says, economists like to see home prices climb in line with people's wages. But in recent years, home prices have been rising much more quickly.

The National Association of Realtors says there are fewer homes on the market today than it's ever seen in records going back to 1982. And when a home comes on the market it doesn't stay there long before it's sold — an average of just 21 days, Yun says."That is the fastest ever recorded in our monthly series," he says.

"Fortunately, we are seeing a pickup in the pace of construction," he says,"which should bring more inventory onto the market for next year's buyers." Homes in the $100,000 to $250,000 range only saw a 4% gain in sales compared to a year ago, while sales of homes costing more than $1 million more than doubled.

yuenyuenang It's nice to see a headline that actually shows how uneven the 'hot' housing market really is. 'A tale of two temperatures' is a good way to describe it.

Richard_Florida It may have something to do with location. Just an idea.

Stop gas lighting! The housing market is booming! Houses are sold in days! Stop promoting the Democrat platform and actual report truth!

Without a solid middle class, democracies fail. I know no one anymore who can afford to have a stay home parent either.

NPR won’t show you the numbers but there were almost 10 time the number of homes below $1M sold. The market for lower end homes has never been better

Text-Only npr : Housing Boom: Sales of Million-Dollar Homes Double

I was able to buy my first house for $109k cuz I saved money and established a stellar credit history...

Yeah that's the result of the 2017 tax cut for the uber rich and an exploding stock market juiced up by Jerome Powell!

Soon.....all closings will have a nice fee added to them. A .5% fee which is about $1400 on average. Freddie and Fanny need to make up some serious cash since they never funded the mortgage industry back in May. Now everyone pays.

This is very sad news.

Maybe the Biden's can loan me some $$$.

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