Hot Market Continues to Drive Prices Up

Original air date: October 13, 2021

THE REAL ESTATE MARKET TOOK OFF DURING THE PANDEMIC.

AND IT DOESN'T LOOK LIKE THAT IS CHANGING MUCH.

THE LATEST NUMBERS SHOW PENDING HOME SALES ROSE MORE THAN 8 PERCENT IN AUGUST COMPARED WITH JULY.

A HOT MARKET CONTINUES TO DRIVE HOME PRICES.

IT'S UP NEARLY 15 PERCENT FROM A YEAR AGO.

THE MEDIAN PRICE FOR AN EXISTING HOME IS 356-THOUSAND DOLLARS.

A C-B-S NEWS BUSINESS ANALYST SAYS THE VAST MAJORITY OF HOMES ARE SELLING IN LESS THAN A MONTH.

AND THAT HAS BEEN REALLY TOUGH ON PEOPLE WHO ARE ENTERING THE HOUSING MARKET..

BECAUSE AFFORDABILITY HAS REALLY CHANGED.

ONE COUPLE FROM ALTADENA SAYS AFTER MONTHS OF LOOKING.. AND TWO OFFERS BEING TURNED DOWN..

THEY BOUGHT A SMALL TWO BEDROOM.

EXPERTS FORECAST HOME PRICES COULD CONTINUE TO RISE.

AND MORTGAGE RATES HAVE BEEN ON THE RISE RECENTLY.