The housing and stock markets continue to be the leaders in the economy. In
August, showings and pending sales remained at strong levels while housing
inventory remained limited, continuing the competitive bidding market we have seen
in recent months. With the stock indexes at or near record highs as mortgage rates
remain near record lows, signs point to a busy fall housing market.
New Listings were down 1.7 percent to 1,482. Pending Sales increased 26.7 percent
to 1,565. Inventory shrank 36.7 percent to 1,852 units.
Prices moved higher as Median Sales Price was up 10.8 percent to $204,990. Days
on Market decreased 8.0 percent to 46 days. Months Supply of Inventory was down
40.0 percent to 1.5 months, indicating that demand increased relative to supply.
As we look towards the fall, we normally see housing activity begin to slow a bit as
the back-to-school season begins, but this year is far from normal. While uncertainty
remains on what effects the upcoming elections and any seasonal resurgence of
COVID-19 may have on the financial and housing markets, the healthy housing
demand we see today will create significant tailwinds in the near term.
Information courtesy of CMLS*