In August, showings and pending sales remained at strong levels while housing inventory remained limited, continuing the competitive bidding market we have seen in recent months.
With the inventory of homes for sale still constrained, a competitive market for buyers shows little sign of waning.
Even as hopes of a phased June reopening all but faded, real estate activity continued to strengthen.
Mortgage rates are hovering near all-time lows, spurring strong interest in buyers.
April’s median sales price was up 8.9% compared to April of last year.
Sales were up compared to last year – a welcome and reassuring direction in a low supply marketplace.
As the stock market declined, so did mortgage rates offering a bad new-good news situation.
For 2020, the National Association of REALTORS’ Chief Economist, Lawrence Yun, sees good news for home prices.
“Buyer demand continues to be strong, especially given the supply constraints.”
Prices increased in year-over-year comparisons, and this will likely remain the case for the rest of the year.