Pending sales were actually up +0.8% in October (compared to October 2019). The average sales price increased +15.5%, a very healthy climb. However, months supply of inventory is way down again, a whopping -46.4%. This stat changed more than any other. There is only a 1.5 month supply of inventory, which is extremely low, and indicates a strong sellers market.
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.
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.
All data from Triad MLS. Report © 2020 ShowingTime.