US home-buying is happening at a record-setting speed

The speed of deals is the highest in 10 years

(Credit: Pixabay, Pexels)
(Credit: Pixabay, Pexels)

October logged a 6.2 percent increase in the speed of buying a house, making it the third month in a row to record such speed in the market and the best pace since 2007 — largely thanks to the American economy and a growing shortage of homes

The shortage has caused average new home prices to rise by 13.6 percent in the past year to about $400,000.

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For existing homes, there are about 10 percent less listing of these properties compared to October 2016 and, according to the Los Angeles Times, this is the lowest number of listings for existing homes since 1999.

Though new construction is happening, the new supply only accounts for about 5 months, making it far from a feasible solution to assuage worsening affordability across the country.

[Los Angeles Times] — E.K. Hudson