Typically, this is the time of year when buyers put a pause on house hunting and wait until spring. However, this year is different. Evidence continues to show that the housing market is defying seasonal trends as we head into winter.
For example, according to one recent analysis, buyer demand is still surging in many markets across the country, with some seeing twice as many house showings per listing compared to the same time last year. In fact, several markets have recorded double-digit showings per listing – significantly higher than the current average of six per listing. In other words, there are still plenty of interested buyers. So why haven’t we seen a seasonal slowdown? Well, one factor is COVID-19.
Delayed demand from spring has been pushed later into the year. Another factor is the combination of favorable mortgage rates and low for-sale inventory. Together, they’ve driven traffic 60.9 percent higher than it was last year at the same time – with the Northeast up 65.5 percent and the West seeing traffic 64.7 percent higher than one year ago. (source)