Nationally, homes sales are up and so are the prices. Median home sale prices saw the largest increase on record for the week ending October 4th, soaring 15% year over year, according to Case-Shiller national home price index and analysis of MLS data.
Median Home Sale Prices:
The median home sale price nationally was $320,625, compared to $279,090 a year ago, in part to an increase in more expensive, luxury home sales.
Triangle Median Home Sales Prices
Year to Date
2019: $277,000
2020: $291,000
+5.1%
Triangle Median Home Sales Prices
September 2019 vs. 2020
September 2019: $276,339
September 2020: $299,900
+8.5%
Inventory Levels:
The number of active listings for sale nationally also sank to a new all-time low of 28% year over year.
Triangle Months Supply of Inventory
September 2019 vs. 2020
September 2019: 2.7 months’ supply
September 2020: 1.3 months’ supply
-51.9%
♦Months of Supply (Absorption Rate) is the measure of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales.
♦5-6 Months’ Supply is considered a balanced market, neither a Sellers’ Market nor a Buyers’ Market.
Where are Home Prices Headed?
While many are more bullish with their projections for 2021 home prices, Doug Duncan, Chief Economist for Fannie Mae has a more modest forecast, expecting home prices to keep on rising and ultimately, “be up a percent or more in 2021.”
"As we move forward, we expect these price increases to moderate over the next twelve months. Given the economic outlook, housing remains a bright spot for the foreseeable future."
Frank Martell, president and CEO of CoreLogic
What does this Mean for Buyers?
In spite of rising home prices, well-qualified buyers will be able to continue to take advantage of low interest rates.
What does this Mean for Sellers?
With an extreme lack of inventory and incredibly high demand, sellers entering the open market will face less competition, higher sales prices and potentially fewer days on the market.
If you’re ready to move, the good news is that you don't have to wait forever to find your next home. I specialize in helping buyers and sellers find their next home quickly. Feel free to reach out to me to see if now is the right time for you to Buy, Sell or Invest in a new property.
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