FBN’s Flock: Median Sales Price of Existing Homes Is $419,300, That Is Never Been Higher in History

Varney You know this ░░░░░░░░ hurts Prospective buyers are ░░░░░░░░ the most expensive housing ░░░░░░░░ in at least three ░░░░░░░░ But that is not ░░░░░░░░ some buyers from getting ░░░░░░░░ there and snatching up ░░░░░░░░ home as fast as ░░░░░░░░ can For example Jeff ░░░░░░░░ in New Jersey he ░░░░░░░░ outside a home that ░░░░░░░░ in what was it ░░░░░░░░ four days Have I ░░░░░░░░ that right Tell me ░░░░░░░░ FLOCK It s it ░░░░░░░░ the haves and the ░░░░░░░░ nots Stuart Yeah this ░░░░░░░░ a place in Cranbury ░░░░░░░░ Jersey nice neighborhood It ░░░░░░░░ East Windsor schools which ░░░░░░░░ m told are highly ░░░░░░░░ after This is a ░░░░░░░░ bedroom two bath house ░░░░░░░░ on the market over ░░░░░░░░ weekend Boom It s ░░░░░░░░ the market 575 000 ░░░░░░░░ the is the asking ░░░░░░░░ A lot of houses ░░░░░░░░ days go for over ░░░░░░░░ Why Well people with ░░░░░░░░ are buying them Take ░░░░░░░░ look at the numbers ░░░░░░░░ the median home sale ░░░░░░░░ now existing home 419 ░░░░░░░░ that s never been ░░░░░░░░ in history That s ░░░░░░░░ about 6 percent over ░░░░░░░░ year as well You ░░░░░░░░ there s not a ░░░░░░░░ of inventory out there ░░░░░░░░ if you look at ░░░░░░░░ inventory numbers actually they ░░░░░░░░ grown a little bit ░░░░░░░░ the agents tell us ░░░░░░░░ are homes that are ░░░░░░░░ desirable in a good ░░░░░░░░ they may not be ░░░░░░░░ great shape And people ░░░░░░░░ money are coming in ░░░░░░░░ buying you know over ░░░░░░░░ on this It s ░░░░░░░░ folks at the lower ░░░░░░░░ very difficult to get ░░░░░░░░ You look at a ░░░░░░░░ study just came out ░░░░░░░░ got to make 120 ░░░░░░░░ a year to to ░░░░░░░░ the average home That ░░░░░░░░ with a decent downpayment ░░░░░░░░ three years ago it ░░░░░░░░ like 80 000 you ░░░░░░░░ to make So now ░░░░░░░░ got to make well ░░░░░░░░ 100 000 And you ░░░░░░░░ Stuart if you re ░░░░░░░░ maybe you or me ░░░░░░░░ you know we re ░░░░░░░░ to retirement maybe we ░░░░░░░░ our house paid off ░░░░░░░░ want to downsize Well ░░░░░░░░ got cash So we ░░░░░░░░ in and we can ░░░░░░░░ a cash buyer But ░░░░░░░░ you re just trying ░░░░░░░░ get a loan it ░░░░░░░░ not a great time ░░░░░░░░ with the interest rates ░░░░░░░░ way they are Varney ░░░░░░░░ FLOCK this isn t ░░░░░░░░ great time Varney You ░░░░░░░░ it and you got ░░░░░░░░ right Jeff you re ░░░░░░░░ right Thanks so much ░░░░░░░░ Jeff.”