What do past years tell us about the housing market?
The housing market today is anything but normal, and it’s still an incredibly strong sellers’ market, especially when compared to the few years leading up to the pandemic. With that in mind, what can previous years tell us about today’s real estate market and if it’s truly slowing?
* We’re Still Seeing an Above Average Number of Sales
You may see headlines about a drop in home sales. But are those headlines telling the full story? NAR does show a drop of about 2% from July to August. But the month-over-month decline doesn’t provide the full picture. Today’s home sales are well ahead of some of the more normal years that led up to the health crisis. That means buyers are still in the market, which is great news if you’re planning to list your home.
* Houses Are Selling Faster Than Usual
When headlines mention the market is slowing, sellers may naturally wonder if their house will sell as quickly as they’d like. According to the most recent Realtors Confidence Index from NAR, homes are still selling at record speed. Again, if we look back at data from previous years, we can see the average time on the market – 17 days – means homes are selling faster than a normal pace.
* Bidding Wars Are Still the Norm
The Realtors Confidence Index from NAR also shows a drop in the average number of offers homes are receiving in August, and many headlines may simply focus there without providing the important context. Currently, the average number of offers per listing is higher than 39 of the previous 45 months. That means the likelihood of a bidding war on your home is still high.
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