The winter months are generally known as the time of year when the housing market cools down, buyers face much less competition and sellers are willing to negotiate on price to unload their properties faster. But like much else in 2020, that isn’t true this year.
According to a new report from Realtor.com, homes in October sold 13 days faster than a year ago, an unseasonable trend. This is the first time in nine years that the pace of home sales has sped up from September to October, an indication that buyer competition isn’t going to slow down this winter.
In San Diego, homes sold 20 days faster than last year even as the median list price increased 11.2 percent. Drawn to the housing market by the desire for more work-from-home space and low mortgage rates, buyers are continuing to flood the market at a faster rate than homes are being listed for sale.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.25 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.