Many folks thought the housing market would never again be as crazy as it was in the early 2000’s, but guess what? Here we are again! Housing is selling full boar and many listings are getting multiple offers within days…. or even hours. Buyers are making offers “sight unseen” just to have a chance at getting a home under contract. This frenzy is leading many buyers feeling desperate and frustrated.
The following are September 2020 residential stats from the National Association of Realtors:
- Existing-home sales up nearly 21% compared to a year ago.
- Median existing-home price (all types) is $311,800 – up nearly 15% from a year ago.
- Housing inventory was 1.47 million units – down 19.2% compared to a year ago.
- Inventory is a 2.7-month supply at the current pace.
- 71% of homes were on the market for less than a month – typically 21 days.
- Cash sales were 18% of transactions – comprised mostly of individual investors and second-home buyers (12%).
- Very few foreclosures or short sales – less than 1% of sales.
- 30-year fixed-rate mortgage decreased to a 2.89% average in September – last year was 3.94%.