With low housing inventories and high buyer demand, home sellers are expected to continue to command higher home prices this winter—an unseasonable trend in the housing market.
In September, home inventory was 39% lower compared to a year ago. But buyers are out in force trying to lock in record-low mortgage rates to help them save on financing costs. Seventy-one percent of homes sold in September were on the market for less than a month, according to NAR data. Properties typically stayed on the market for just 21 days in September—an all-time low. That is down from 32 days a year ago. The median existing-home price for all housing types sold in September was $311,800, a 14.8% increase compared to a year ago.
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