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Housing is in a “full-fledged boom.”
Dated: November 9 2020
NATIONAL MARKET UPDATE
Last quarter saw $1.1 trillion in mortgages issued, the most in 14 years, while in September, the number of people buying new homes hit a 14-year high!
The post-lockdown home buying boom isn't slowing down.
The National Association of Realtors listing site reports homes sold faster in October than September for the first time in 9 years as low interest rates drove pent-up buyer demand.
Realtor.com®’s October housing data release reveals that sellers returned to the market, as the decline in newly listed properties substantially improved and western and northeastern metros saw more newly listed homes than the same time the previous year. However, homes continue to sell more quickly than last year across all regions. While the national price growth rate continued to accelerate to historical highs, larger metros saw a slight softening, signalling a small reprieve for buyers in this active autumnal season.
In addition, residential construction spending went up 2.8% in September, to a level 10.1% higher than a year ago. These new homes should soon begin to relieve the inventory shortage many markets are experiencing.
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