Home prices skyrocket as buyers clamor over limited stock

Home prices skyrocket as buyers clamor over limited stock

Home prices skyrocket as buyers clamor over limited stock
A shrinking number of homes for sale has led to a massive surge in home prices in the U.S. According to a new report from The National Association of Realtors, existing-home sales climbed 21 percent in September on a year-over-year basis. This strong demand from buyers pushed home prices 14.8 percent higher as well. The imbalance of supply and demand is expected to continue over the next several months.

Heading in to the winter months where buyers often see less competition and an advantage in the housing market, experts are predicting a sellers market.

“During a time when the housing market usually slows down, we are once again reminded that 2020 is anything but typical,” said Danielle Hale, chief economist for Realtor.com.

In San Diego, median list prices were up 11.1 percent over last year but total listings remain nearly 25 percent below 2019’s levels and are selling 19 days faster.

Today, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.5 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.