Demand In Homes Above Last Year’s Pace

The economy has seen record-breaking home sales through the summer and is still going strong this fall. Buyers are actively looking and purchasing homes faster and the inventory is falling behind. The National Associations of Realtors (NAR) believes this a good time to sell if you are thinking about doing so.

According to the NAR’s Pending Home Sales Report,
“Pending home sales in July achieved another month of positive contract activity, marking three consecutive months of growth.”

The Pending Home Sales Index (PHSI) looks to the future of home sales based on contract signings. In July, the PHSI rose 5.9% to 122.1 and year-over-year contract signings rose 15.5%.

“We are witnessing a true V-shaped sales recovery as homebuyers continue their strong return to the housing market…Home sellers are seeing their homes go under contract in record time, with nine new contracts for every 10 new listings,” says Lawrence Yun, Chief Economist at NAR.

According to CNBC, there is no slowing down in the housing market this fall. Usually, the summer is slower in the housing market, however, with the pandemic, this slowdown did not occur. Both the stay-at-home orders and the record low mortgage rates are catalysts for buyers’ continued enthusiasm.

“In a typical year in the housing market, buyer interest begins to wane before seller interest causing the usual seasonal slowdown as we move into the fall. Due to a delayed spring season and low mortgage rates, we could see buyer interest extend longer than usual into the typically quieter fall. Whether this means more home sales will depend on whether sellers participate or decide to stay on the sidelines,” said Danielle Hale, Chief Economist at

The market is in dire need of inventory. If you are thinking of selling your home, now is the time. Buyers are busy in the market and creating bidding wars. This is the optimal time to sell.

Click Here For the Source of the Information.

Compare listings