Key Highlights
- “Normal” real estate calendar has nothing to do with pandemic-demand for housing
- Residential property market in 17th consecutive week of soaring prices and sales, according to com
As we’ve seen throughout 2020, “normal” has nothing to do with the residential real estate world including this holiday season. There will be no seasonal holiday slowdown in either price growth or sales this year.
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Realtor.com’s latest report that included the week ending December 5 saw home prices “…continue to push new boundaries…” for the 17th consecutive week.
“We’re seeing demand for housing continue to grow during a time when buyers and sellers usually step away from the market for the winter,” said realtor.com’s chief economist, Danielle Hale. “As a result, home prices are still growing by double digits, the number of homes for sale is down nearly -40%, and the homes that are on the market are selling a full two weeks faster than last year.”
Realtor.com’s latest report indicated that listing prices increased 13.5% during the week ending December 5 compared to the same week in 2019.
The housing market’s biggest hurdle at this point is the lack of inventory. The total number of for sale homes collapsed -39% y/y during the week ending December 5 and the number of newly listed homes was down some -7%.
Hale sees no letup in terms of sales and price growth as “…the housing market continues to charge ahead…into the spring home buying season without ever fully slowing down…” over the winter holidays.
According to Simon Isaacs, broker and owner of Simon Isaacs Real Estate, “The pandemic threw people into a tailspin and made them rethinking their priorities. It also accelerated people’s plans. If they had been thing of someday moving…they decided not to wait any longer.”
Thanks to realtor.com, redfin.com and MansionGlobal.
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