Supply is way down, demand is very strong and new inventory prices are reflecting this. In the graph below, demand is represented by homes in-contract. However, this doesn’t reflect the true demand; what is not captured is all of the people looking to buy who have not yet secured a purchase agreement. Thus the real demand is way under-represented in the graph.
As mentioned in my previous posts this year, look to see a small and steady median price increase every month.
