The National Association of Realtors’ consumer website released a new weekly measure of housing market health. It compares current traffic, price, new listing, and time on market trends to where they were in January, pre-COVID-19. While the housing market is not exactly healthy, conditions are not as bad as expected. All in all, it may be a good time to sell your home as home prices are also increasing.
Rising Home Prices and Sales
According to the measures, the index improved 1 point last week and is now at 88.8. While it is 11.2 points below the baseline of 100, the index shows that home prices are continuing to increase. At the same time, the average time spent on the market is beginning to fall. In short, home buyers are returning faster than sellers and it’s causing homes for sale to sell faster and at higher prices.
A Good Time to Sell
Danielle Hale, the chief economist for the site, says homeowners who think this isn’t a good time to sell may be mistaken. “The general sentiment from consumer surveys is that now is not a good time to sell a home because of COVID, economic uncertainty, and social unrest, but the data is saying the opposite,” Hale said. “Home prices are back to their pre-COVID pace and we’re seeing listings spend slightly less time on the market than last week.” Despite conditions, though, the number of active listings is now 25 percent below one year ago at the same time. For more information, click on the link (source).
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