When COVID-19 restrictions forced many buyers to put their home search on hold this spring, real estate experts were unsure how and when the market would bounce back. But when summer hit and restrictions were lifted, those buyers reentered the market in droves—proving the housing recovery is officially in full swing.
According to data from the National Association of REALTORS® (outlined in a recent article from REALTOR® Magazine), existing home sales in the United States increased 2.6 percent from July to August (and 10.5 percent from August 2019), hitting a seasonally adjusted rate of 6 million. Low inventory is also driving up home prices, with the median home price hitting $310,600 in August—up 11.4 percent year-over-year.
And the market is showing no signs of slowing down. “Home sales continue to amaze, and there are plenty of buyers in the pipeline ready to enter the market,” Lawrence Yun, NAR’s chief economist, said in the article. “Further gains in sales are likely for the remainder of the year, with mortgage rates hovering around 3% and with continued job recovery.”
So, what does that mean for you? There is a huge demand for homes right now—far more demand than there is supply. So, if you’ve been thinking about selling your home, now would be a great time to make a move, take advantage of the market, and fetch top dollar for your property.