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Home prices soar inventory drops to historic levels

Prices, meanwhile, continued their ascent, reaching a median of $311,800, up 14.8% from a year ago. Sales and prices rose in all regions of the country, although sales were strongest in the Northeast.

As the summer ends, the housing market tends to cool off with the weather. But this year, that trend is different.

“Home sales traditionally taper off toward the end of the year, said Lawrence Yun, chief economist for the National Association of Realtors, “but in September they surged beyond what we normally see during this season.”

The market is being driven by three factors: record-low mortgage rates, a low inventory of housing stock and an increased appetite for vacation homes as more people work from home.

Annual growth of single-family home prices has risen by more in the last three months than in any previously recorded period dating back to 1969,” said Matthew Speakman, economist for online home seller Zillow. “This torrid growth in sales may ultimately be done in by an inventory crunch that’s only getting worse – it’s hard to keep setting sales records when there’s so little for sale – forcing a slowdown in transactions in the coming months. But with demand for housing as high as it is, it’s unlikely that a slowdown in sales will be substantial.”

The housing sector has been among the strongest in the economy, along with the stock market, defying the effects of COVID-19 and actually benefiting from it. Americans have shifted their spending habits away from travel, leisure and entertainment. Many of those options are no longer available or are less desirable amid concern over personal safety.

Existing home sales reflect completed transactions and include all forms of housing from single-family dwellings to condominiums and coops. The annualized pace of 6.54 million compares to 5.41 million in September 2019.

Inventory, meanwhile, continues to fall, standing at 1.47 million units in September – a drop of 19.2% from a year ago. That equates to a 2.7-month supply, down from four months a year ago.

“There is no shortage of hopeful, potential buyers, but inventory is historically low,” Yun said.

He noted that sales in destinations classified as vacation spots have been unusually robust, up 34% year over year.

“The uncertainty about when the pandemic will end coupled with the ability to work from home appears to have boosted sales in summer resort regions, including Lake Tahoe, mid-Atlantic beaches and the Jersey Shore areas,” he added.

The housing report was the second piece of good economic news Thursday, as first-time jobless claims also showed a dip below 800,000, a positive sign for a struggling labor market that has routinely seen weekly jobless figures between 800,000 and 900,000 in recent months. If you have purchased a new home this year and or looking for a Roofing and or Siding Estimate or be leave you may have Storm Damage, hail damage wind damage,  call North End Contracting 651-488-8605 to schedule a free no hassle inspection.

During storm season, many companies come into an area temporarily as “storm chasers.” They work an area after a storm, then leave to go on to the next storm area. Many of these companies repair roofs as fast as they can before moving on because they will not be here to call for warranty work and/or service calls. North End Contracting will be around after the STORM. North End Contracting offers stress-free financing options for homeowners throughout Greater Twin Cities Metro Area. During a consultation, we can discuss with you our financing options we qualify you on the spot, designated to fit your specific project. Our financing options cover work for ROOFING SIDING AND WINDOWS we will help make the entire process easier. North End Contracting 3rd party financing options were designed with you in mind, which means we want your roofing & siding project to go as smoothly as possible, including the expense. ZERO DOWN ZERO INTEREST ZERO PAYMENTS FOR 12 MONTHS CALL NOW 651-488- 8605 If you are looking for a licensed Roofing and Siding contractor in the TWIN CITIES MN Area call NORTH END CONTRACTING at 651-488-8605. NORTH END CONTRACTING WWW.NEROOF.COM OFFERS FREE STORM DAMAGE INSPECTIONS. Service areas include the Twin Cities, MN.Residential Roofing Services ( GAF, OWENS CORNING, IKO, TAMKO)Residential Siding Services ( CERTIANTEED, PLYGEM MASTIC, LP SMARTSIDE )Minneapolis/St Paul/Eagan/Lake Elmo/Maplewood/Shoreview/Roseville/White Bear Lake/Stillwater/ Woodbury/West St Paul/Mendota Heights/Burnsville/Apple Valley/Bloomington/Edina/Plymouth/St Louis Park/Prior Lake/Chaska/Carver/Shakopee

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