The housing market continues to outperform historical standards as home prices continue to rise and homes continue to sell at a fast pace. Sellers are definitely calling the shots in today’s market however, two housing indicators may forecast a coming turn in the market.
Housing demand from buyers has cooled slightly, while new listings showed a smaller decline than previous weeks. While this could be a hiccup in weekly activity as kids head back to school and adults return to more regular schedules, or, if these trends continue, they could signal a shift in market dynamics leading into the fall when political, economic, and health-related uncertainties abound.
Realtor.com®’s Housing Market Index reached a reading of 107.7 for the week ending Sept. 5. That’s 7.7 points higher than its pre-COVID-19 baseline in January. Buyer demand dropped 3.3 points since last week, and inventory showed improvement, rising 3.2 points higher—though it still remains below its pre-COVID-19 baseline.
Meanwhile, home prices continue to escalate. Nationally median listing prices are up 10.8% annually (locally that number was up 11.4%) which is the fastest pace of growth in more than two years, Realtor.com® reports. Nationally time on the market is now 12 fewer days than a year ago. Locally homes priced under $350,000 are selling in just 20 days on average. Buyers are moving much faster than this time last year to beat out competition and lock in low mortgage rates. This means homes are sitting on the market for much less time, despite notably higher price tags.
We are also seeing significantly more price reductions however, this is in large part due to homes being overpriced as sellers attempt to push the limits.
If you, or someone you know is considering Buying or Selling an Investment Property in Columbus, Ohio please give us a call and we’d be happy to assist you!
The Opland Group Specializes in Real Estate Sales, Luxury Home Sales, Short Sales in; Bexley 43209 Columbus 43201 43206 43214 43215 Delaware 43015 Downtown Dublin 43016 43017 Gahanna 43219 43230 Grandview Heights 43212 Galena 43021 Hilliard 43026 Lewis Center 43035 New Albany 43054 Pickerington 43147 Polaris Powell 43065 Upper Arlington 43220 43221 Westerville 43081 43082 Worthington 43235
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