There Are Some Wild Observations on Housing Market Twitter Today
(Bloomberg) -- This morning we got more data that showed just how intense the housing market is.
Not only are prices surging at the fastest pace in years, total sales are slowing because homebuilders just can’t build them.
Here’s the key information:
The median sales price rose 20.1% to $372,400 from a year earlier. There were 316,000 new homes for sale in April, the most in a year. At the current sales pace, it would take 4.4 months to exhaust the supply of new homes, compared with 4 months in March.
The number of homes sold in April and awaiting the start of construction -- a measure of backlogs -- increased 16.5% from a month earlier to 325,000, the highest since 2006, Tuesday’s report showed. Builders have been constrained by supply-chain challenges and rising materials costs in recent months.
Meanwhile, housing market Twitter is going wild today.
Here are some observations from Ali Wolf, the chief economist at the research firm Zonda:
And the CEO of Redfin tweeted a bunch of wild stats about what’s going on right now.
Definitely check out the full thread.
Meanwhile, the price-to-rent ratio is shooting higher.
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