Ah, Spring is here and existing home sales rose 4.4% in March.
While existing home sales are still around pre-bubble levels (2002), the median price of existing home sales are now above the peak of the housing bubble.
Climbing median prices with slowly recoverying existing home sales? How about lack of inventory as a suspect. Inventory of existing homes is still around 2000/2001 levels.
Here is something different. Median prices for existing home sales under $500,000 are tepid to declining.
But median prices for homes over $750,000 rose at over 30% in March.
Low inventory + super low interest rates?
I call this the “Yellen Meteor” in home prices.