Spring and summer are the busiest seasons for the housing market. Home buyer demand ramps up in March and doesn’t typically start falling until after Labor Day. But this year is far from typical. And with buyer demand running well above last year’s pace, it’s natural to wonder what the fall housing market will look like. Will it be as competitive as the summer market or will it cool off like it usually does?
Well, according to a new report from the National Association of Realtors’ consumer website, it may be more normal than you’d think. That’s because their most recent Housing Market Recovery Index – which tracks the market’s rebound since the coronavirus’ onset – found a slight dip in home buyer demand at the beginning of September. At the same time, the index found the inventory of homes for sale improved. The data is a hopeful sign for buyers that things may be trending in a more normal direction.
If buyer demand continues to cool, it could mean a slower fall market with less competition and more homes to choose from. However, though encouraging, it’s too soon to say whether or not the numbers are anything more than a small bump in the long-term trend. (source)