February 2021 Real Estate News

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This month’s February 2021 Real Estate News includes common sense reminders for a fast home sale, a look at comparative market analysis, and information on the market’s continued lack of inventory. Also, learn more about repairing your credit score to get a better mortgage rate and five commone home decor mistakes and how to fix them. All of this and more in the February 2021 Real Estate News.

As Properties Sell Quickly, More Homes Are Needed on the Market

While existing-home sales saw a slight month-over-month decline in November, sales for the entire year are still on track to surpass 2019 sales, according to the National Association of Realtors (NAR). This is welcome news, as the COVID-19 pandemic was expected to affect the housing market negatively—yet despite the restrictions and the resulting economic impacts, the housing market is outperforming expectations. According to Lawrence Yun, chief economist for NAR, job recoveries stalled throughout the fall and early winter, and rising case counts combined with lockdowns have had a negative impact on consumer confidence. Yet, he noted, with “the latest stimulus package and with the vaccine distribution underway, and a very strong demand for homeownership still prevalent, robust growth is forthcoming for 2021.”

Fewer Homes for Sale
Though the demand for homes is high, the supply of homes is dangerously low. By the end of November, there were only 1.28 million homes available for sale, down 9.9% from a month ago and 22% from a year ago. At the current sales pace, available homes would supply the market for only 2.3 months—an all-time low. In comparison, there was a 2.5-month supply in October and a 3.7-month supply in November 2019.

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Marina Jacobson
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