October 2020
October continued to be busier than the calendar normally suggests. Buyer activity
remains higher than normal for this time of year, while in many segments of the
market housing supply remains much lower than one year ago. Multiple offers
remain a common occurrence in many areas, keeping housing hot while the
temperatures continue to fall.
New Listings were up 13.0 percent to 1,525. Pending Sales increased 32.1 percent
to 1,448. Inventory shrank 34.6 percent to 1,864 units.
Prices moved higher as Median Sales Price was up 13.9 percent to $205,000. Days
on Market decreased 25.0 percent to 39 days. Months Supply of Inventory was
down 37.5 percent to 1.5 months, indicating that demand increased relative to
supply.
Mortgage rates dropped to new record lows again in October, helping to offset the
monthly mortgage payment increases caused by the rise in home prices seen in
many segments of the market across the country. While prices often dip a bit in the
winter months, continued buyer demand may temper any price retreats this year.
Information courtesy of CMLS*
