The housing market is experiencing frenzied demand while the supply of homes for sale is at a record low. Last month's national median listing price rose by 10% to reach $350,000, with homes selling faster than they have in 15 months. Analysts note that buyer traffic on real estate websites is far surpassing previous record levels. The intensity of the current demand is exceptional for this time of year, suggesting persistent challenges for buyers in securing homes amidst limited availability.
The housing market is unable to sustain an increasingly frenzied demand for the limited homes available, leading to dramatic increases in prices and faster sales.
The national median listing price rose 10% to a new record high of $350,000, with homes selling at their fastest pace in 15 months.
Buyer traffic on realtor.com is exceeding record levels from earlier this year, indicating that demand will likely continue to outstrip available homes for sale.
With homes available to buy at a record low, the current demand for housing is vastly more intense than typical for this time of year.
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