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Why is the house prices exploding? Here's some supply-demand data: New-home sales increased 1% to an annual rate of 708,000, the government said Tuesday. Compared to a year ago, sales were down more than 27%.

Low supply and high demand = high prices.

New Home Sales Rebound Despite Prices Hitting Record High Builders are working through their supply-chain challenges, and buyers don’t seem fazed yet by the price tags newly-built homes carry these days.

August’s sales pace was down 3.3 percent on a monthly basis from 428,980 in July and down 10.9 percent from a year ago when 465,400 homes were sold on an annualized basis. August’s sales level was the lowest in 14 months.

Despite the monthly and annual sales drop, California home sales remained strong by pre-pandemic standards, maintaining a solid year-to-date increase of 21.3 percent, according to the California Association of Realtors (C.A.R.).

California Housing Market: Median Price Sets a Record in Aug 2021 California's housing market continues to gain traction, as home prices grow steadily from last year. Here are the latest market trends for August 2021.

Homes are also taking longer to sell. Still, prices are up 15% from a year ago.

If you're looking to sell or want to know the value of your home, DM me.

https://www.redfin.com/news/housing-market-update-pending-sales-up-9pct/