October 2020 Real Estate News
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In this month’s October 2020 Real Estate News learn how to deal with clutter and discover three reasons people are looking to move right now. Should you improve your house before listing it? And, how to create a home inventory . All of this and more in the October 2020 Real Estate News.
Home Buyer Competition Increases as Housing Sales Soar
With existing-home sales continuing their upward trajectory, many economists believe that the housing market is well past the recovery phase. Lawrence Yun, the chief economist for the National Association of Realtors (NAR), believes the market is in a boom phase, with home sales comparable to pre-pandemic levels. “With the sizeable shift in remote work,” he says, “current homeowners are looking for larger homes, and this will lead to a secondary level of demand even into 2021.”
Homes Sold in Record Time
The increase in demand from buyers was evident in the amount of time properties remained on the market. The average property was available for sale for only 22 days in July, down from 24 days in June and 29 days a year ago. Of all the homes sold in July, 68% were available for less than a month. The short time from “for sale” to “sold” is evidence of the housing shortage that continues to plague the market. By the end of July, total housing inventory declined 2.6% from a month earlier and a staggering 21.1% from a year earlier. At the current sales pace, unsold inventory would supply the market for only 3.1 months, down from 3.9 months in June and 4.2 months in July 2019.
October 2020 Real Estate News
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