September existing home sales jump 9.5%, but 'prices are rising too fast' as supply remains tight

That is the lowest since the Realtors began tracking this metric in 1982.David Paul Morris | Bloomberg | Getty Images

Tight supply continues to push prices higher. The median price of an existing home sold in September was $311,800, a 14.8% gain compared with September 2019. That is a new high for this series, dating back to 1968. It is also an all-time high when adjusted for inflation. Supply is weakest at the low end of the market, and that is where prices are rising fastest. The median is also being skewed higher because sales are stronger on the higher end of the market, where supply is less lean.

Regionally, existing home sales in the Northeast jumped 16.2%, recording an annual rate of 860,000, a 22.9% increase from a year ago. The median price in the Northeast was $354,600, up 17.8% from September 2019.

Profiteering during a pandemic will not stand under a REAL administration.

2006 all over again.

The housing market is revisiting 2006.

🔵This is crazy, where are these people getting money from to buy new homes in a pandemic when layoffs are continuing and unemployment is at 11 million? People can barely afford to live. Wow

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