National Real Estate Market Not Slowing Down
Nationwide, it seems that the market is not slowing down with the Pandemic.
A shortage of homes for sale and record low interest rates are creating a competitive home shopping summer, with a housing market getting closer to pre-pandemic levels, according to Realtor.com.
Today's market remains tipped in favor of sellers as would-be spring buyers are shopping well into what would normally be summer vacation season. home buyers, trying to take advantage of record low mortgage rates and make up for lost time, are finding limited and more expensive option according to Realtor.com.
Housing shortages continue. Over the last three weeks combined, new listings are down an average of 14% from a year ago. Also median listing prices continue to increase at 7.9% over last year, which is faster than the pre-pandemic pace.
Source: Realtor.com
Main take-aways:
- new listings were down 19%
- total inventory was down 32%
- time on market just a tad slower.
- The West and NorthEast are leading the recovery
- interest rates are low, very low.
See the full article here along with the situation per main City area in the US.
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