Here are the NSDCC sales stats from the first six months of each year, going back to the beginning of the 2-out-of-5-year capital-gains tax exclusion – which helped trigger the ensuing bubble. I used the April rate because it was about the middle of the Jan-Jun time period:
Yes, sales are down 11% year-over-year, but note that we are selling nearly as many homes as we did when prices were in the $400,000s and $500,000s.
Back then did you guess that today’s NSDCC median sales price would be about 3x as high, at $1,324,000? We are seeing some market adjustments today, but we’re making about 1,700 new millionaires every day in America!
Where will pricing be in another 10-20 years?