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Homes sold faster in October 2020 than the summer peak season for the first time since 2009, according to the latest RE/MAX National Housing Report. The report also revealed that in October, across the 52 markets, the average of 38 days from listing to contract was the fastest pace of any month in the 13-year history of the report.
"The housing market continued its remarkable run in October, driven by high demand and historically-low interest rates. Buyers, many of them freed from the constraints of having to live close to work, are jumping into the market and looking for homes that have what they want – a home office, more outdoor space, or whatever else it might be," said Adam Contos, CEO of RE/MAX Holdings, Inc.
"The short turnaround times are telling, too. Buyers are ready to act as soon as they see the right home. Sellers who want to get through the process quickly, without having to move much on price, have a great opportunity to do so right now. That advantage should bring more listings into the market in the months ahead, but with inventory levels as low as they are, it will likely be a while before we see anything resembling a balanced market."
Additionally, the report showed that inventory fell 32.5% year-over-year, another record in the history of the report. RE/MAX also reported that Hartford, CT; Wichita, KS; and Chicago, IL led the year-over-year sales percentage increase among the 52 metros.
"The number of homes for sale in October 2020 was down 7.6% from September 2020 and down 32.5% from October 2019," according to the report. "Based on the rate of home sales in October 2020, the Months Supply of Inventory decreased to 1.7 compared to 1.9 in September 2020, and decreased compared to 3.6 in October 2019."
Click here to read more from the report.