Fall offers a glimmer of hope that home sales will level off

Dated: October 27 2020

Views: 114

These days, potential homebuyers don't BUY homes. They "win" them. Multiple offers being the rule and not the exception to it, buyers are up against a limited number of homes for sale.

According to the National Association of Realtors, buyers continue to quickly pounce on whatever is available, evidenced by the NAR reporting that existing-home sales in September were up 21% year over year. Home prices jumped 14.8% last month as well, averaging $311,800.

So how about later this 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," says the report.

Danielle Hale, realtor.com ®'s chief economist, says, "During a time when the housing market usually slows down, we are once again reminded that 2020 is anything but typical. 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." She goes on to say that at the same time, the pace of change has steadied and in some cases, even slowed. "This could be a welcome relief for buyers who have navigated not only a pandemic but also a fiercely competitive 2020 home buying season characterized by double-digit price growth and record low inventory."

The report also shows that newly listed homes nationwide fell 6% during the week ending Oct. 17, a slight uptick from the previous week. While new listings 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, according to Realtor. At the same time, homes all over the country are selling anywhere from 8 days to a whopping 43 days faster than a year ago.

Source: NAR | TBWS

Blog author image

Steve Nibbe

Steve demonstrates all of the energetic and resourceful qualities our community has come to expect from our team. Steve and his wife, Andrea, live in Richfield and enjoy weekends at their cabin in Tur....

Latest Blog Posts

Why Waiting to Buy a Home Could Cost You a Small Fortune!

Many people are sitting on the fence trying to decide if now’s the time to buy a home. Some are renters who have a strong desire to become homeowners but are unsure if buying right now

Read More

Real estate barometer readings after a challenging year

As we begin experiencing the 1-year anniversary of pandemic-mandated stay-at-home orders that halted both home-buying and home-selling activity, it's time to review how the housing market has

Read More

Homebuying this winter is going to very different

In a normal year, this is the time when home sales dip. In a normal year, this is when you can negotiate on getting the price a tad lower, and homes sit on the market longer because of the holidays.

Read More

Fall offers a glimmer of hope that home sales will level off

These days, potential homebuyers don't BUY homes. They "win" them. Multiple offers being the rule and not the exception to it, buyers are up against a limited number of homes for sale.According to

Read More