A Tale of 2 Markets
There’s never been a year like this one. Uhh, can we all agree to not have another year like this?
You know that housing shortage that we all keep talking about? The one where there aren’t enough houses available to meet homebuyer demand? Where prices keep rising at unsustainable levels? Yeah, that. That’s what’s getting worse. July 2020 set an all-time record for number of houses sold in any month. We just followed that up with the biggest August number ever. There’s basically nothing for sale. Oh, and the average single family home price rose a cool 13% versus last year. But. Let’s look at single family homes versus attached homes (condos/townhouses/etc). Attached homes are still selling, but it’s definitely a different story. Price are up 1%, a far cry from the 13% rise in value of freestanding houses. Any guesses what’s causing this divergence?