Housing market inventory hits a new low, homes sell faster than ever

According to Remax, the housing stock fell to a new all-time low in October, causing rapid closings and soaring prices that month.

The average sales time in October was the shortest in the Remax National Housing Report’s 13 years. Houses were on the market for 38 days in October, up from 39 in September and 49 the previous year. Of the 52 largest real estate markets, Cincinnati had the fewest days at 18, followed by Boise, Idaho, at 20, and Nashville, Tennessee, at 21. Miami finished the other end of the spectrum with an average of 89 days, followed by 86 days in Des Moines , Iowa and 74 days in New York.

The number of properties for sale decreased by 32.5% year on year and by 7.6% from September to another new nadir since Remax published its report. The national offer fell in October from 1.9 in the previous month to 1.7 months and in the previous year to 3.6 months. Boise, Idaho continues to have the lowest inventory at 0.5 months, followed by Albuquerque, NM, and Manchester, NH, at 0.7 months. A 6-month delivery defines the market equilibrium.

“Buyers are ready to act once they find the right home. Sellers who want to get through the process quickly without moving a lot of price have a great opportunity to do so,” said Adam Contos, CEO of Remax. said in the report. “This benefit should bring more listings to market in the months to come, but with inventory this low, it will likely be a while before we see something that looks like a balanced market.”

Closed sales grew in October and further dried up supply. Transactions rose 0.1% from September and 20.8% from October 2019. Hartford, Connecticut led all metropolitan areas with annual revenue growth of 41.3% year over year. Wichita, Kan., Finished second with 33.9% and Chicago third with 33.4%.

Prices continued to rise due to the scarcity of supply and historically low interest rates that drove demand. Median retail price reached $ 295,000 in October, up 0.9% from September and 15.4% annually. Augusta, Maine, posted the largest growth of 29.1% from last October. The 20.5% jump in Tulsa, Okla., Ousted Cincinnatis 20.4% for second place. There was no annual decrease in any of the 52 metros analyzed.