Pending sales were only down -13.7% in August (compared to August 2019). The average sales price increased +15.4%, a very healthy climb. However, months supply of inventory is way down again, a whopping -37.9%. This stat changed more than any other. There is only a 1.8 month supply of inventory, which is extremely low, and indicates a strong sellers market.
The housing and stock markets continue to be the leaders in the economy, and mortgage rates remain near record lows. 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 effects 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.