The nation’s housing market stayed strong last month, with the only thing holding back sales being a lack of supply, according to a report out this week by the National Association of Realtors. The market for homes above $750,000 was especially strong, with sales up 19% in February compared to a year ago. That comes amid new tax laws that cap mortgage tax deductions above $750,000, instead of the previous $1mil.
Neither the lower cap, nor rising mortgage rates stopped customers from signing on the dotted line, according to N.A.R., which examined contracts signed between November and February, around and following the time that Congress debated and passed the tax bill championed by the White House.
The western U.S. saw sales jump 11% in February, compared to the same time in 2017. That’s despite the fact that we are the most expensive market the country—and only getting more so. The median home price across 6 counties in Southern California rose 10.2% last month year-over-year to $506,750, according to the report. One of our latest SOLDS, a condo in Sherman Oaks (pictured here), closed this week just above that median price at $575,000—$26,000 over its asking price.