The U.S. median home price stayed close to its summer time peak of $350,000 and hit record-high year-over-year development of 12.9 p.c throughout the first week of October, in accordance with realtor.com’s weekly housing report. The metric marks the best annual dwelling value development realtor.com has seen because it started monitoring the information in 2017.
Amidst intense market demand and exceedingly low stock, dwelling costs present no indicators of cooling shifting into fall, in accordance with knowledge from the nationwide actual property portal.
Though new listings have been down 7 p.c 12 months over 12 months, the drop in new sellers was not as massive as the general lower in inventory, which was down 38 p.c. Subsequently, new listings at the moment are a rising share of whole listings, indicating that increased costs could also be drawing extra sellers to the market.
“Whereas patrons would usually start to hunker down this time of 12 months, we anticipate to see an unusually excessive quantity stay available in the market this fall,” realtor.com Chief Economist Danielle Hale mentioned in a press release. “This provides sellers a uncommon alternative to get high greenback for his or her dwelling outdoors of the prime promoting season, which can be motivating some to remain available in the market. Nevertheless, even with document breaking costs, we’re not seeing sellers rush into the market with the identical eagerness as patrons. Wanting ahead, a key query is whether or not this frenzied demand will proceed into the spring or if we’ll see extra steadiness between homebuyers and sellers.”
Though a typical fall housing market would see homesellers dropping costs to be able to entice a smaller pool of patrons, that hasn’t been the case this 12 months, as costs have continued to speed up for 21 consecutive weeks.
Houses are promoting in 53 days, 13 days sooner than the identical time final 12 months, and in accordance with realtor.com’s evaluation, that’s unlikely to gradual anytime quickly.
In response to the corporate’s Housing Market Restoration Index, which tracks the general strength of the housing market in comparison with earlier than the pandemic, the market continues to be stronger than it was pre-COVID. This week, the index was 110.4, simply 0.2 factors down from final week, however 10.4 factors up from earlier than the pandemic.