Sales Surge by Over 20% as Homes Sell a Week Faster than a Year Ago
The streak of record-shattering home sales stretched to three months in September, as closings rose 21.1% from a year ago. On average, homes sold in a mere 39 days – a full week faster than in September 2019.
Meanwhile, inventory plummeted 31.9% year over year as the number of homes on the market dropped to an all-time low in the 13-year history of the report.
Delayed by pandemic-related lockdowns, summer’s peak homebuying season pushed into fall. September sales were only 3.3% lower than August’s, while the average seasonal August-to-September drop-off over the previous five years was 15.3%.
September inventory sank below the previous report low set in August 2020. Thus far, six months of 2020 rank among the 10 months with the lowest inventory in the history of the report.
The Median Sale Price of $289,900 was just $100 below the report record set in August 2020, and 12.8% above September 2019. Also increasing in September was the Months Supply of Inventory, which ticked up to 1.8 from the record low of 1.7 set the previous two months. A year ago, Months Supply of Inventory totaled 3.8.
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