The temperature outside is starting to dip ever so slightly, and as we look towards the fall, we normally see housing activity begin to slow a bit as the back-to-school season begins. But as we all know, this year has been far from normal. 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. Multiple offer situations remain a frequent experience in many markets, including ours. With the inventory of homes for sale still lower, a fast and competitive market for buyers doesn’t show signs of slowing down.
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 in the Chattanooga region decreased 0.8% to 1,306. Pending Sales were up a remarkable 26.2% to 1,244. Inventory levels shrank 49.1% to 1,565 units. Prices continued their upward trajectory. The Median Sales Price increased 23.5% to $247,000. Days on Market was down 4.7% to 41 days. Sellers were encouraged as Months Supply of Inventory was down 54.3% to 1.6 months.
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 , as it remains a great time to get into the housing market, especially for sellers.
There are fewer houses on the market now, and if you use a Realtor’s expertise when listing your house for sale, you might be in a very good position. As Realtors, we have the latest tools to serve the homebuying needs of our community. That’s Who We R®.