According to the National Association of Realtors, sales of existing homes were up 7.7% in September and prices were up 13.3% from a year earlier.
However, sales of homes priced at $250,000 or less dropped more than 20% in September, while those in the $250,000 to $500,000 range were essentially flat with a small 3% increase; those priced above $500,000 soared more than 20%. As the table below shows, there isn’t one housing market in the U.S.
Due to big appreciation in asset prices of stocks and other assets (including housing), the Fed also said household net worth reached another record in the second quarter, jumping by $5.8 trillion to $141.7 trillion.
