The median of single-family homes, which surpassed $1M for the first time in history, is still holding at $1.1M, contrary to expectations. Unprecedented inventory shortage still continues with only 44 homes for sale. Naturally, the number of transactions is down from last year due to the lack of inventory. There were only 8 homes for sale under $1M. In contrast, the number of pending sales under $1M is 47. The absorption rate is about one month.
