The housing and stock markets continue to be the leaders in the economy. In August, showings and pending sales remained at strong levels while housing inventory remained limited, continuing the competitive bidding market we have seen in recent months. Mortgage rates remain near record lows and signs point to a busy fall housing market.
Closed sales increased 8.8 percent for detached homes and 12.8 percent for attached homes. Pending sales increased 26.8 percent for detached homes and 24.6 percent for attached homes. The median sales price was up 17.1 percent to $820,000 for detached homes and 10.8 percent to $500,000 for attached homes. Days on market decreased 27 percent for detached homes and 17.6 percent for attached homes. Supply decreased 54.8 percent for detached homes and 41.7 percent for attached homes.
As we look towards the fall, we normally see housing activity begin to slow a bit as the back-to-school season begins, but this year is far from normal. While uncertainty remains on what affects the upcoming elections and any seasonal resurgence of COVID-19 may have on the financial and housing markets, the healthy housing demand we see today will create significant tailwinds in the near term. Source: NSDCAR & Nicolas Jonville.
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