Home prices are rising along with inventory which could be a sign we are close to the top of the housing market, according to Altos Research’s weekly report…(Altos Research)
- INVENTORY was up another 4.5% this week which means there are now 305,000 single-family homes unsold available on the market right now. At this new faster pace, Mike Simonsen, founder of Altos Research, believes we could see the first year over year inventory gains.
- PRICES continue to climb even with rising inventory levels and rates. The median price of a single-family home hit $432,000 this week. Simonsen predicts home prices will peak in the next few weeks at $440k.
It should be noted that even with these big gains in inventory, Altos is still hoping we will end the year with 400,000 homes on the market which would be 1/3rd of what we saw in 2020.
