The ongoing pandemic has left most of the economic sectors in shambles, except the housing market, which has been thriving amid the pandemic. Thanks to the Fed and other government efforts in protecting the housing market, the market continues to set records in terms of activities, some of which have surpassed last year’s records, when everything was running normally. Like the previous predictions from experts, the housing market is indeed leading the U.S economy towards recovery.
Existing home sales data.
The most recent existing-home sales August report has further demonstrated the housing market’s excellent state around the U.S. According to the report released by the National Association of Realtors (NAR), the housing market activity increased by 2.4% in August compared to July. Moreover, the seasonally adjusted annual rate for existing home sales in August reached a staggering 6 million, representing a 10.5% increase from August 2019.
Home Prices.
The report further shows that the August national median existing-home price for all types of housing was $310,600, representing an 11.4% increase from a year ago. The August median price reached an all-time high. Nationally, home prices have continued to climb higher, with the month of august marking the 102nd consecutive month of year-over-year gains.
Housing Inventory.
The report further shows that the housing inventory in August dropped 0.7% from July 2020. The month of August housing inventory stood at 1.49 million homes for sale. This represents an 18.6% drop from August 2019. The August drop in inventory marks the 15th consecutive month of year-over-year declines.
Regional Breakdown.
In terms of regions, all four regions recorded double-digit price growth from a year ago. The South region recorded the largest increase of 12.3%, followed by the West region with an 11.8% increase, the Midwest at 10.7%, and the Northeast at 10.4% from the same time last year.
Moreover, all the four regions recorded a year-over-year increase in sales. The South had gained the most with 13%, the West at 9.6%, Midwest with a 9.3% increase, and lastly, the Northeast region with a 5.7% gain.
From the NAR reports, it’s evident that the housing market continues to boom with activities. People are increasingly buying real estate; so should you. Don’t be left behind. This is the perfect time to buy and sell real estate. With the pandemic in our midst and the presidential polls nearby, it is just the perfect time to buy a home. We don’t know what’s going to happen to the rates after the elections. We urge you to take this chance to buy a home.
At The Power Is Now, we’re committed to keeping you up-to-date with what is happening around the real estate market across the nation. Stay updated with any developing real estate market news by regularly checking our blog page at https://www.thepowerisnow.com/blog/. We also continue to advocate for advocate homeownership, wealth building, and financial literacy for low to moderate-income and minority communities. In this regard, we have a team of professional realtors— VIP Agents stationed nationwide to help you with anything you need in attaining your homeownership dreams. You can get in touch with the VIP Agents at https://www.thepowerisnow.com/vipagentsservices/. If you can’t find an agent from your area, you can contact me directly for a referral. You can also set up an appointment to speak directly to me at https://calendly.com/thepowerisnow/ericfrazier.
Disclaimer: The views and opinions of Eric Lawrence Frazier are his own and do not necessarily represent First Bank or any organization affiliated with Eric Lawrence Frazier, or the Power Is Now Media Inc. First Bank is an Equal Credit Opportunity Lender. Eric Lawrence Frazier, MBA, is also a Vice President and Mortgage Advisor with First Bank. NMLS#461807 and a California Licensed Real Estate Broker DRE# 01143482. Email: Eric.frazier@fbol.com. Ph: 714- 475-8629.
Eric Lawrence Frazier MBA
President and CEO
The Power Is Now Media Inc.
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