Press release
Realtor.com® October Housing Report: Homes Sell Even Faster While Buyers Pay Summer Prices
Improvement in newly listed homes could indicate relief ahead for weary buyers - Homes sold 13 days faster than last year, one day faster than September -
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[{"type":"text","content":"Improvement in newly listed homes could indicate relief ahead for weary buyers\n - Homes sold 13 days faster than last year, one day faster than September\n - Home prices remain fixed at summer's peak of $350,000\n - Total number of homes on the market declined, but the drop in new listings slowed nationally and new listings even increased in some markets\n\n\nSANTA CLARA, Calif., Nov. 5, 2020 /PRNewswire/ -- The U.S. housing market continued to near record levels in October, thwarting the usual fall slowdown. For the first time since 2011*, homes sold faster** in October than September and prices remained at their summer peak of $350,000, according to realtor.com®'s Monthly Housing Trends Report released today. However, October also saw an improvement in declines of newly listed homes which could signal some relief on the horizon for weary buyers. \n\"In the fall, we normally see homes sell more slowly and prices pull back from peak levels. But this October, we saw a drop in the time it takes to sell a home even while home prices remain at their summer peak\" said Danielle Hale, chief economist for realtor.com®. \"Drawn in by low mortgage rates and the hope of more space, buyers have stayed in the housing market this fall, keeping prices high and pushing time on market to unseasonable lows. Although we saw growth in newly listed properties in the Northeast and West this month, we'll need a consistent wave of fresh homes hitting the market in order to better match persistent buyer demand.\" \nHome sales speed up in October compared to September \nHomes sold in 53 days in October, 13 days faster than last year and one day faster than September. This is the first time the pace of sales has sped up from September to October since 2011, signaling buyers continued to face tough competition in this anything but normal year. Within the nation's 50 largest metros, homes sold even faster, spending only 45 days on market. Buffalo, N.Y. was the only metro to have homes sell slower than last year with an additional seven days on market. The metros where homes sold the fastest compared to last year included: Hartford, Conn. (-23 days); Virginia Beach, Va. (-22 days); and San Diego (-20 days). Home prices remain fixed near summer's peak and accelerate over September\nThe median listing price grew 12.2% year-over-year, to $350,000 in October. ...