Even during a never before seen pandemic, home sales are through the roof as we experienced yet another increase in sales during November. According to the national association of realtors this is the highest pace of home sales in the past 14 years. Even with unemployment at its highest in years homes keep selling. The median home sale price is up over 13 percent from a year ago.
The current market is on fire. 7 out of 10 homes in September sold within a month or less and the pace hasn’t slowed down. The prediction and expectation is that home sales will continue at this same pace for the rest of 2020 and into 2021.
With a COVID-19 vaccine on the horizon and mortgage rates to float around 3 percent in 2021, we expect the strong sellers market to keep going well into the new year.