As recently reported in Forbes, Realtor.com has released the latest numbers for the nation’s housing market. Based on their findings, the market is more competitive than ever with the current listing price growth at its highest in three years.
“The biggest surprise I saw was that home prices are growing at a faster pace than we have seen in years,” notes realtor.com’s chief economist Danielle Hale. “Despite the economic environment the historically low mortgage rates have brought buyers into the market in a frenzy,” she adds.
According to the August Monthly Housing Trends Report, homes are selling at their fastest pace in 15 months. In fact, one of the drivers is a major decrease in inventory since at the end of August, there were about 500,000 fewer homes available for sale compared to last year. Homebuyers in the competitive Southern California markets including Los Angeles can tell you trying to purchase a home now is stressful.
The key August listing price number rose an average of 8.9% in the country’s 50 largest metros. In the San Francisco-Oakland-Hayward, Calif. Metro area, the median listing price there increased 12.3% to $1,029,100. These stats are almost hard to believe since the pandemic is still in effect.
Realtor.com’s Hale provides some takeaways for the future. "We are seeing this buyer urgency because there was no spring buying season. Buyers are playing catch-up. We keep looking for signs of the market slowing and are just not seeing them right now.” That’s good news for sellers and real estate brokers.
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