New numbers from the National Association of Realtors show just how quickly homes are selling these days. Their monthly measure of existing-home sales found that the typical property sold in 21 days in November. In fact, 73 percent of homes sold were on the market for less than a month. Lawrence Yun, NAR’s chief economist, says that the housing market continues to thrive.
“Home sales in November took a marginal step back, but sales for all of 2020 are already on pace to surpass last year’s levels,” Yun said. “Given the COVID-19 pandemic, it’s amazing that the housing sector is outperforming expectations.” November sales were down slightly from the previous month but remain 25.8 percent higher than they were last year at the same time.
However, while buyer demand remains high, so do prices. Fewer homes available for sale has caused them to spike, with each major region showing double-digit increases from one year ago. (source)