Normally the housing market slows a bit in the fall months. This year that is not the case. October saw record levels according to realtor.com. Houses sold faster this October than they did this September which makes this a first since 2011.
“In the fall, we normally see homes sell more slowly and prices pull back from peak levels. But this October, we saw a drop in the time it takes to sell a home even while home prices remain at their summer peak,” said Danielle Hale, chief economist for realtor.com.
Realtor.com released a report detailing the hot market for October 2020. In October homes sold in 53 days which is 13 days faster than October 2019 and one day faster than September 2020. The median home price jumped 12.2% year-over-year to $350,000. In fact the median price grew by 11.1% in just one month from September 2020 to October 2020.
“Drawn in by low mortgage rates and the hope of more space, buyers have stayed in the housing market this fall, keeping prices high and pushing time on market to unseasonable lows,” Hale said. “Although we saw growth in newly listed properties in the Northeast and West this month, we’ll need a consistent wave of fresh homes hitting the market in order to better match persistent buyer demand.”
Below is a chart of the newly listed homes by metropolitan area:
| Metro | New Listing Count YoY |
Median Listing Price YoY |
Median Listing Price |
Median Days on Market |
Active Listing Count YoY |
| San Jose-Sunnyvale-Santa Clara, Calif. | 30.6% | 8.1% | $1,199,100 | 34 | -18.5% |
| New York-Newark-Jersey City, N.Y.-N.J.-Pa. | 28.2% | 15.1% | $639,100 | 58 | -6.1% |
| San Francisco-Oakland-Hayward, Calif. | 25.9% | 11.6% | $1,049,100 | 35 | -4.2% |
| Los Angeles-Long Beach-Anaheim, Calif. | 17.2% | 16.9% | $995,100 | 49 | -22.9% |
| Hartford-West Hartford-East Hartford, Conn. | 15.9% | 7.1% | $300,000 | 41 | -31.3% |
| Boston-Cambridge-Newton, Mass.-N.H. | 15.1% | 13.9% | $669,100 | 33 | -29.4% |
| Seattle-Tacoma-Bellevue, Wash. | 12.5% | 6.4% | $625,000 | 35 | -31.6% |
| Sacramento–Roseville–Arden-Arcade, Calif. | 11.3% | 12.3% | $549,100 | 35 | -48.4% |
| Minneapolis-St. Paul-Bloomington, Minn.-Wis. | 9.9% | 2.4% | $348,000 | 37 | -30.1% |
| Washington-Arlington-Alexandria, DC-Va.- Md.-W. Va. |
5.4% | 4.6% | $502,100 | 36 | -36.7% |
| Las Vegas-Henderson-Paradise, Nev. | 0.4% | 7.9% | $345,300 | 41 | -7.8% |
| San Diego-Carlsbad, Calif. | -0.6% | 11.2% | $795,100 | 24 | -25.4% |
| Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. | -1.2% | 16.7% | $349,100 | 48 | -41.8% |
| Denver-Aurora-Lakewood, Colo. | -2.0% | 5.0% | $520,000 | 36 | -44.2% |
| Birmingham-Hoover, Ala. | -2.4% | 1.7% | $260,000 | 51 | -36.1% |
| Portland-Vancouver-Hillsboro, Ore.-Wash. | -2.7% | 9.1% | $510,100 | 49 | -44.0% |
| Riverside-San Bernardino-Ontario, Calif. | -3.8% | 14.6% | $470,100 | 41 | -53.6% |
| Rochester, N.Y. | -3.9% | 12.9% | $228,700 | 31 | -43.3% |
| St. Louis, Mo.-Ill. | -4.4% | 10.3% | $248,000 | 56 | -38.4% |
| Virginia Beach-Norfolk-Newport News, Va.- N.C. |
-4.9% | 6.9% | $320,600 | 39 | -46.7% |
| Baltimore-Columbia-Towson, Md. | -7.3% | 4.6% | $340,000 | 43 | -51.4% |
| Raleigh, N.C. | -7.3% | 6.8% | $390,000 | 49 | -45.4% |
| Milwaukee-Waukesha-West Allis, Wis. | -7.6% | 3.8% | $300,000 | 42 | -39.2% |
| Houston-The Woodlands-Sugar Land, Texas | -7.6% | 7.8% | $334,100 | 52 | -32.8% |
| Chicago-Naperville-Elgin, Ill.-Ind.-Wis. | -7.9% | 9.5% | $345,000 | 43 | -32.6% |
| Buffalo-Cheektowaga-Niagara Falls, N.Y. | -8.2% | 7.5% | $215,000 | 52 | -46.7% |
| Tampa-St. Petersburg-Clearwater, Fla. | -8.2% | 10.0% | $308,000 | 48 | -43.0% |
| Miami-Fort Lauderdale-West Palm Beach, Fla. | -8.8% | 2.5% | $410,100 | 93 | -15.6% |
| Austin-Round Rock, Texas | -9.0% | 15.9% | $413,200 | 46 | -47.7% |
| Orlando-Kissimmee-Sanford, Fla. | -9.2% | 1.6% | $325,000 | 59 | -20.9% |
| Cleveland-Elyria, Ohio | -9.3% | 3.2% | $200,000 | 47 | -48.2% |
| Phoenix-Mesa-Scottsdale, Ariz. | -9.3% | 7.7% | $415,600 | 36 | -41.8% |
| Pittsburgh, Pa. | -9.4% | N/A | $245,100 | 57 | -36.8% |
| Providence-Warwick, R.I.-Mass. | -10.3% | 6.1% | $400,000 | 42 | -52.5% |
| Kansas City, Mo.-Kan. | -11.1% | 10.1% | $330,100 | 47 | -48.7% |
| New Orleans-Metairie, La. | -12.8% | 15.7% | $329,100 | 64 | -39.1% |
| Cincinnati, Ohio-Ky.-Ind. | -13.7% | 16.3% | $310,000 | 39 | -44.9% |
| Oklahoma City, Okla. | -15.4% | 6.6% | $270,000 | 48 | -40.5% |
| San Antonio-New Braunfels, Texas | -16.0% | 3.6% | $300,000 | 53 | -40.8% |
| Dallas-Fort Worth-Arlington, Texas | -16.1% | 4.1% | $356,000 | 47 | -46.8% |
| Louisville/Jefferson County, Ky.-Ind. | -17.4% | 2.2% | $258,100 | 35 | -50.2% |
| Columbus, Ohio | -17.5% | 9.0% | $305,100 | 35 | -47.8% |
| Atlanta-Sandy Springs-Roswell, Ga. | -18.8% | 10.6% | $355,100 | 46 | -45.5% |
| Indianapolis-Carmel-Anderson, Ind. | -19.8% | 5.7% | $275,000 | 43 | -47.8% |
| Jacksonville, Fla. | -20.4% | 2.6% | $318,100 | 55 | -45.5% |
| Memphis, Tenn.-Miss.-Ark. | -21.7% | 14.0% | $263,800 | 45 | -49.3% |
| Detroit-Warren-Dearborn, Mich | -21.7% | 12.4% | $269,100 | 38 | -47.4% |
| Richmond, Va. | -21.8% | 11.7% | $357,000 | 45 | -48.2% |
| Charlotte-Concord-Gastonia, N.C.-S.C. | -22.9% | 9.0% | $365,400 | 43 | -48.7% |
| Nashville-Davidson–Murfreesboro–Franklin, Tenn. |
-27.5% | 8.1% | $400,000 | 32 | -43.6% |
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