Homebuyers are scrambling in a year-end spree to snap up inventory, with for-sale homes moving 5 percent faster than this time last year, according to a data preview from realtor.com®.
“We saw evidence of a stronger-than-normal off-season in September and October due to pent-up demand and surging interest from first-time buyers,” says Jonathan Smoke, chief economist of realtor.com. “Since the election, demand seems to have intensified, possibly in reaction to a jump in mortgage rates. Now buyers seem to feel a sense of urgency as they face the threat of rates that may approach multi-year highs in the months ahead. The downside to this strong fall is that 2017 will begin with a new low volume of available homes for sale.”
The median age of property listings on realtor.com in December is expected to be 88 days, five days less than last December. The median list price, which typically declines in the fall and winter, is expected to remain level at $250,000, 9 percent higher than one year ago and a record-high for December.
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