Prices Up, Transactions Up, Inventory Down
Strong buyer activity has continued into the fall, which is normally the start of the seasonal slowing of the housing market. With stronger buyer activity in the market this year and the continued constrained supply of homes for sale,
speedy sales and multiple offers are likely to remain a common occurrence and will keep the housing market hot even when the weather is cooling.
Closed Sales increased 22.0 percent for single-family homes and 31.3 percent for condos. Pending Sales increased 89.1 percent for single-family homes and 70.7 percent for condos. Inventory decreased 29.3 percent for single-family homes and 12.5 percent for condos.
The Median Sales Price was up 3.2 percent to $257,810 for single-family homes and 15.6 percent to $164,900 for condos. Days on Market increased 1.5 percent for single-family homes and 7.5 percent for condos. Supply decreased 40.4 percent for single-family homes and 16.0 percent for condos.
While mortgage rates remain near record lows, The Mortgage Bankers Association reports that lending standards are tightening, which makes it a bit more difficult for some buyers to qualify. At the same time, unemployment remains substantially higher than a year ago due to COVID-19. Despite all this, buyers are out in full force this fall, showing amazing resilience in the middle of a pandemic.