Market Report - October 2020

Dated: November 20 2020

Views: 338

Market Report - October 2020



October continued to be busier than the calendar normally suggests. Buyer activity remains higher than normal for this time of year, while in many segments of the market housing supply remains much lower than one year ago. Multiple offers remain a common occurrence in many areas, keeping housing hot while the temperatures continue to fall.

New Listings were up 5.5 percent to 711. Pending Sales increased 55.8 percent to 712. Inventory shrank 41.9 percent to 1,316 units.

Prices moved higher as Median Sales Price was up 10.7 percent to $395,000. Days on Market decreased 2.7 percent to 142 days. Months Supply of Inventory was down 53.1 percent to 2.3 months, indicating that demand increased relative to supply.

Mortgage rates dropped to new record lows again in October, helping to offset the monthly mortgage payment increases caused by the rise in home prices seen in many segments of the market across the country. While prices often dip a bit in the winter months, continued buyer demand may temper any price retreats this year.

Blog author image

Ryan Bohr

When the opportunity arose for Ryan Bohr to join a dynamic team of Realtors in Hilton Head Island, he went "All-In" moving his wife and two young children from Raleigh, NC. He was most recently invo....

Latest Blog Posts

Market Report - August 2021

Market Report - August 2021The booming U.S. housing market has spilled over to the rental market, which has seen demand for apartment and single-family rentals skyrocket this year, as high sales

Read More

Market Report - July 2021

Market Report - July 2021The White House recently announced additional measures to help struggling homeowners avoid foreclosure as they exit forbearance, including loan modifications and payment

Read More

Market Report - June 2021

Market Report - June 2021School’s out, and as vaccination rates rise and America enters a new normal, the U.S. housing market continues along at a frenzied pace, with low interest rates and

Read More

Market Report - May 2021

Market Report - May 2021As the weather warms and pandemic restrictions ease across much of the country, the U.S. housing market shows little sign of cooling. Robust buyer demand, fueled by low

Read More