On the heels of a summer home-buying season marked by record demand and sky-high prices, the residential real estate market is shaping up for its hottest fall in a decade, according to new monthly data on inventory and demand on realtor.comÂ®. Homes for sale in September are moving 4 percent more quickly than last year as prices continue to hit new highs.
The median age of listings on realtor.comÂ®â€”an indication of market inventoryâ€”in September is expected to be 77 days, three days less than one year ago. That is five days more than last month, a change which reflects the housing marketâ€™s typical seasonal slowdown as summer ends and schools resume. Total inventory remains considerably lower than a year ago, with less than 450,000 new listings entering the market in September.
The median home was listed for $250,000, 9 percent more than a year ago and unchanged from last month. That continues this yearâ€™s record-setting trend and marks a new high for September.
â€śHouse hunters who were shut out this summer because of fierce competition could fare better this fall, with more opportunities to buy and mortgage rates still near all-time lows,â€ť says Jonathan Smoke, realtor.comÂ® chief economist. â€śBut donâ€™t expect bargainsâ€”prices havenâ€™t come down from this summerâ€™s record highs. Overall, the fundamental trends we have been seeing all year remain solidly in place as we enter the traditionally slower sales season, and pent-up demand remains substantial as buyers seek to get a home under contract while rates remain so low.â€ť
- Median age of inventoryin September is expected to be 77 days, downÂ 4percent from September 2015 andÂ up 7 percent from last month.
- Median listing pricefor September should reach $250,000, matching last monthâ€™s record high and increasing 9 percent over this time last year.
- Listing inventoryin September should show aÂ 2 percent decrease over August. Additionally, inventory should still show a decrease of 9 percent year-over-year.
For more information, visit www.realtor.com.