More Options in Sight for Home Buyers?
October 23, 2020
Buyers are up against a limited number of homes for sale available on the market. They continue to quickly pounce on whatever is available. The National Association of REALTORS® reported Thursday that existing-home sales in September were up 21% year over year. Home prices jumped 14.8% last month too, averaging $311,800.
But will the housing market open up to more buyers later in the fall? Realtor.com®’s Weekly Housing Report reflecting the week ending Oct. 17 shows some relief may be in sight for buyers who have been struggling to find a home to buy. The number of homes for sale appears to be leveling off, according to realtor.com®. However, researchers are quick to point out that it still very much remains a seller’s market heading into November.
“During a time when the housing market usually slows down, we are once again reminded that 2020 is anything but typical,” says Danielle Hale, realtor.com®’s chief economist. “Going into the last half of October, the median U.S. home for sale is still priced near the year’s peak and is selling almost two weeks faster than last year. At the same time, the pace of change has steadied and, for some indicators, even slowed. This could be a welcome relief for buyers who have navigated not only a pandemic but also a fiercely competitive 2020 homebuying season characterized by double-digit price growth and record low inventory.”
Newly listed homes nationwide fell 6% during the week ending Oct. 17, which is a slight uptick from the previous week, realtor.com®’s report shows. New listings, however, remain “vastly improved” over earlier in the year, and for the fourth consecutive week they are above the pre-pandemic pace.
“A stabilizing new listings trend could tempt potential sellers—who often are also buyers—to list their home,” realtor.com® says.
Still, total inventory continues to be down 38% year over year, realtor.com® reports.
Updated: November 30, 2020