November 2020 Market Update
Find out the latest news from the national real estate market—and the current benefits and potential challenges for home buyers.
Last month, the National Association of Realtors reported that the index of pending home sales dropped 2.2% in September compared with the previous month, breaking a four-month streak of increases.
The slight decrease in pending sales came as a surprise; most economists expecting a modest increase. Though it could have been a function of seasonality—with summer winding down—it could also be an indication of potential challenges. Specifically, buyers across the country are facing a decreasing inventory of homes to choose from, which is increasing prices.
Therefore, affordability maybe be a growing factor for home buyers, even as mortgage rates remain at record lows. In fact, doubts about the presidential election and other issues pushed mortgage rates even lower earlier this month.
However, despite the slight slowdown in September, demand remains strong. Specifically, in Greenville, South Carolina, as of September 2020, the realty market was still on the side of sellers, with more people looking to buy than homes available. The median list price was $255K, and on average, homes in Greenville sold after 59 days on the market.
Though the current limited inventory is a challenge, as a top realty agent in the South Carolina agent, I’ll do my best to find you the new home you’ve been searching for. Give me a call. I’d love to talk through your needs.
Sources: https://www.realtor.com/news/real-estate-news/as-pending-home-sales-fall-in-september-concerns-emerge-about-a-housing-rebound/; https://www.realtor.com/videos/video-uncertainty-leads-to-opportunity-for-home-buyers-and-owners/057d4c5d-5b26-4b6d-8bb2-635b57e0cd22/; https://www.realtor.com/realestateandhomes-search/Greenville_SC/overview