October 2021
The U.S. housing market remains robust, with strong activity reported across both
rental and residential housing fronts. Single-family rent prices are increasing rapidly,
as demand for single-family housing and inventory constraints forces some buyers
to rent, increasing competition and pushing rents up across the nation. Meanwhile,
sales of new construction single-family homes recently hit a six-month high, rising
14% to a seasonally adjusted rate of 800,000, according to the latest data from the
U.S. Department of Housing and Urban Development.
New Listings were up 1.4 percent to 1,524. Pending Sales increased 4.8 percent to
1,449, the seventh consecutive month of year-over-year gains. Inventory shrank
17.6 percent to 1,481 units.
Prices moved higher as Median Sales Price was up 15.9 percent to $237,650. Days
on Market decreased 46.2 percent to 21 days. Months Supply of Inventory was
down 21.4 percent to 1.1 months, indicating that demand increased relative to
supply.
As temperatures drop, existing home sales continue to be plentiful, buoyed by
strong demand, low-interest rates, and a slight uptick in new listings in recent
months, according to the National Association of REALTORS®. With interest rates
inching upward, and experts expecting further rate increases on the horizon,
motivated buyers are hoping to lock in their home purchases to take advantage of
what are still historically low rates.
Information courtesy of CMLS*
