Traditionally, September is a slow month for sales as families are already settled into the school year. However, the U.S. housing market saw a tremendous rally this September as low mortgage rates and buyers’ demand for additional space during COVID-19 created the need for a change.
The U.S. Census Bureau/HUD announced in October that new single-family home sales in September 2020 were at a seasonally adjusted annual rate of 959,000, which is 3.5% below the revised August rate of 994,000 but 32.1% higher than September 2019’s estimate of 726,000. Of these new homes sold in September 2020, the median sales price was $326,800, while the average sale price was $405,400.
Some of the shifts in the real state industry are due to low interest rates and changes in demographics. Demand for new housing in some parts of the country has overwhelmed home builders, making supplies an ongoing challenge. Analysts report that the high demand is due to the lack of existing home inventory available for purchase.
Sources: Mansionglobal.com, Housing Wire, deseret.com
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