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“Motivated by fast-rising rents and the anticipated increase in mortgage rates, consumers that are on strong financial footing are signing contracts to purchase a home sooner rather than later.” — NAR chief economist Lawrence Yun
While the housing market may be hotter than usual, the shift toward seasonal norms is starting to show and could benefit both buyers and renters.
The seasonally adjusted estimate of new houses for sale at the end of September was 389,000, representing a supply of 6.3 months at the current sales rate, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.
As the economy recovers from COVID and the housing market gains traction, homeownership is top of mind for Americans, according to the latest survey from Coldwell Banker Real Estate LLC.
The U.S. housing market kept firing on all cylinders, as the demand for residential real estate drove prices higher for the 116th month in a row, marking the longest streak on record.
It’s been a crazy year for real estate with bidding wars, record home prices and historically low inventory, but that may all come to an end in 2022
Among the 51 metro areas surveyed in October, closed transactions were down 6.4% from September, nearly twice the average pre-pandemic decline of 3.3% between 2015 and 2019, RE/MAX said, citing its National Housing Report.
November’s reading of 83 was up three points from October, driven by low existing inventories and strong buyer demand, the National Association of Home Builders reported, citing the latest NAHB/Wells Fargo Housing Market Index.
Housing observers noted that demand for housing remains robust despite the lack of new supply.
Should you wait until spring to put your home on the market? A recent Realtor.com report says, not necessarily.