From Mansion Global

New home listings in the U.S. have increased for the last two weeks, but buyers are snapping properties up almost as quickly.

New listings rose 1% annually in the week ending Nov. 13, according to a report Thursday from Realtor.com. At the same time, homes spent an average of 10 days fewer on the market than they did in the same time period in 2020.

“Last week’s housing data suggests that strong demand continues to fuel home sales activity even as we near the end-of-year holidays, when we typically see fewer buyers and sellers,” George Ratiu, manager of economic research for Realtor.com, said in the report. “While new sellers are bringing more homes to market, marking an unseasonably solid start to November, inventory is still limited and homes are moving faster than in prior years.”

Indeed, active inventory is down 25% year over year, the data showed. The pace at which buyers are snapping up properties is keeping inventory low, even with the uptick in new listings. In addition, the median price of residence was up 8.7% year over year, a growth rate that remained steady for 13 of the past 15 weeks, the report found.

“With the economy growing and real estate prices remaining high, homeowners are ready to move forward with Covid-delayed plans to take advantage of the current market,” Mr. Ratiu continued. “If new sellers continue to enter the market as planned, we’ll likely see a brisk, but relatively healthy, pace of home sales activity in the tail end of 2021.”

About a quarter of 1,300 respondents to a Realtor.com survey said they planned to sell their home in the next year, up from 10% in the spring, according to the results of the survey, released last week.

Meanwhile, Redfin’s Homebuyer Demand Index hit a new record for the week ending Nov. 14, according to a separate report released Thursday by the property portal. The index was up 23% year over year, according to the data, which Redfin has tracked since 2017 and measures the number of tours and other requests made of Redfin agents.

“The economy is recovering strongly and mortgage rates are still near all-time lows. Those two forces combined have caused homebuying demand to hit a record high,” Daryl Fairweather, Redfin’s chief economist, said in the report.

Full article on Mansion Global

From REALTOR® Magazine

Home buyers are still snatching up homes at a quick pace. Homes sold more quickly in October than in any October in recent history, according to realtor.com®’s Monthly Housing Report.

The typical home spent just 45 days on the market in October, reaching an eight-month streak of homes selling faster than in any month before 2021, realtor.com® says.

“The year may be winding down, but 2021’s feverish pace of home sales continues to hit new records,” says Danielle Hale, realtor.com®’s chief economist. “Despite returns to more typical pre-COVID seasonality which means a slower fall versus summer season, October housing data suggests that demand is still unseasonably high.”

Buyers are persisting in their housing search due to low mortgage rates and surging rental prices, Hale says. “Looking at the bigger picture of the pandemic, increased adoption of technology could be playing a key role in helping buyers move further along in the process virtually,” she continues. “With these ‘serious searchers’—some of whom have been planning to buy since before the pandemic—better prepared to jump on new listings quickly and keeping inventory tight, mismatched supply and demand will continue to challenge buyers eager to move on to the next phase of life.”

Home buyers must be ready to make quick decisions as competition remains high. Eighty-six percent of homes sold in less than a month in September, according to the National Association of REALTORS®.

The South is seeing some of the fastest sales. The five fastest-selling metros compared to last year are Miami (–31 days compared to last year); Raleigh, N.C. (–30 days); Jacksonville, Fla. (–17 days); Orlando, Fla. (–17 days); and Memphis, Tenn. (–16 days), according to realtor.com®.

Table 2: October 2021 Housing Metrics – 50 Largest U.S. Metros

Metro	Median Listing Price	Median Listing Price YoY	Active Listing Count YoY	New Listing Count YoY	Median Days on Market	Median Days on Market Y-Y	Price Reduced Share	Price Reduced Share Y-Y
Atlanta-Sandy Springs-Roswell, Ga.	$395,000	11.1%	-26.6%	5.7%	37	-9	18.3%	-4.2%
Austin-Round Rock, Texas	$550,000	32.5%	-8.1%	15.3%	32	-14	18.5%	5.0%
Baltimore-Columbia-Towson, Md.	$325,000	-4.4%	-5.0%	-2.7%	40	-3	20.6%	4.1%
Birmingham-Hoover, Ala.	$280,000	7.7%	-28.5%	-5.3%	48	-3	15.2%	-0.1%
Boston-Cambridge-Newton, Mass.-N.H.	$689,000	3.0%	-23.4%	-19.0%	30	-3	19.2%	-1.3%
Buffalo-Cheektowaga-Niagara Falls, N.Y.	$225,000	4.7%	-4.7%	10.7%	52	0	17.3%	-2.1%
Charlotte-Concord-Gastonia, N.C.-S.C.	$399,000	9.3%	-27.9%	-5.1%	32	-11	18.0%	0.1%
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.	$330,000	-4.4%	-20.3%	-8.6%	41	-2	20.6%	0.2%
Cincinnati, Ohio-Ky.-Ind.	$310,000	0.0%	-11.3%	-11.0%	42	3	19.7%	2.1%
Cleveland-Elyria, Ohio	$190,000	-5.0%	-4.7%	0.9%	44	-3	24.3%	-1.5%
Columbus, Ohio	$290,000	-5.0%	-3.7%	8.7%	30	-5	25.3%	-3.4%
Dallas-Fort Worth-Arlington, Texas	$398,000	11.8%	-33.9%	-3.5%	37	-10	21.8%	-3.9%
Denver-Aurora-Lakewood, Colo.	$615,000	18.3%	-27.8%	-8.4%	28	-8	22.0%	-1.2%
Detroit-Warren-Dearborn, Mich.	$245,000	-8.9%	-7.2%	1.0%	32	-6	19.6%	2.1%
Hartford-West Hartford-East Hartford, Conn.	$330,000	10.0%	-57.1%	-30.2%	40	-1	13.0%	5.3%
Houston-The Woodlands-Sugar Land, Texas	$360,000	7.9%	-20.0%	-1.6%	45	-7	19.6%	0.8%
Indianapolis-Carmel-Anderson, Ind.	$275,000	0.0%	-24.9%	5.1%	38	-5	30.5%	-7.1%
Jacksonville, Fla.	$370,000	16.3%	-27.8%	10.3%	38	-17	18.5%	3.2%
Kansas City, Mo.-Kan.	$325,000	-1.5%	-6.1%	-11.3%	46	-1	20.2%	-0.6%
Las Vegas-Henderson-Paradise, Nev.	$439,000	27.2%	-31.5%	-6.1%	31	-10	19.2%	-2.8%
Los Angeles-Long Beach-Anaheim, Calif.	$975,000	-2.0%	-25.3%	-17.9%	49	0	13.3%	-2.5%
Louisville/Jefferson County, Ky.-Ind.	$250,000	-3.1%	-3.7%	3.6%	31	-4	24.2%	-1.2%
Memphis, Tenn.-Miss.-Ark.	$275,000	4.3%	-10.2%	14.8%	29	-16	17.9%	-2.9%
Miami-Fort Lauderdale-West Palm Beach, Fla.	$475,000	15.9%	-47.9%	-16.7%	62	-31	13.2%	-2.0%
Milwaukee-Waukesha-West Allis, Wis.	$275,000	-8.3%	-6.3%	2.0%	39	-3	22.0%	5.8%
Minneapolis-St. Paul-Bloomington, Minn.-Wis.	$350,000	0.6%	-10.5%	-14.9%	36	-1	17.8%	2.8%
Nashville-Davidson–Murfreesboro–Franklin, Tenn.	$450,000	12.5%	-37.1%	-9.8%	22	-10	17.4%	-1.7%
New Orleans-Metairie, La.	$340,000	3.3%	-16.4%	-13.3%	75	11	20.1%	-3.0%
New York-Newark-Jersey City, N.Y.-N.J.-Pa.	$619,000	-3.1%	-14.9%	-18.4%	63	5	14.2%	-2.3%
Oklahoma City, Okla.	$271,000	0.4%	-21.5%	-2.7%	44	-4	22.0%	-3.8%
Orlando-Kissimmee-Sanford, Fla.	$390,000	20.0%	-46.5%	-9.4%	42	-17	22.8%	-5.2%
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.	$320,000	-8.3%	-1.7%	-0.5%	49	1	20.9%	3.0%
Phoenix-Mesa-Scottsdale, Ariz.	$485,000	16.7%	-16.3%	0.1%	32	-4	23.4%	-4.2%
Pittsburgh, Pa.	$226,000	-7.9%	-10.4%	1.7%	50	-7	23.4%	3.3%
Portland-Vancouver-Hillsboro, Ore.-Wash.	$550,000	7.8%	-13.9%	8.0%	37	-12	30.7%	0.5%
Providence-Warwick, R.I.-Mass.	$430,000	7.5%	-12.7%	0.2%	35	-7	13.1%	2.2%
Raleigh, N.C.	$425,000	9.0%	-50.7%	-15.8%	19	-30	14.9%	-3.0%
Richmond, Va.	$350,000	-1.9%	-21.6%	-3.2%	43	-2	14.2%	2.0%
Riverside-San Bernardino-Ontario, Calif.	$549,000	16.8%	-6.3%	-4.1%	36	-5	12.1%	2.3%
Rochester, N.Y.	$211,000	-7.7%	-28.5%	-11.9%	23	-8	14.5%	-1.4%
Sacramento–Roseville–Arden-Arcade, Calif.	$595,000	8.4%	-1.6%	-2.5%	32	-3	15.4%	3.1%
San Antonio-New Braunfels, Texas	$349,000	16.4%	-24.4%	0.3%	44	-9	20.7%	0.7%
San Diego-Carlsbad, Calif.	$839,000	5.6%	-26.6%	-21.8%	47	N/A	13.5%	-2.2%
San Francisco-Oakland-Hayward, Calif.	$995,000	-5.1%	-25.2%	-9.4%	31	-4	13.7%	-2.8%
San Jose-Sunnyvale-Santa Clara, Calif.	$1,250,000	4.3%	-31.9%	-13.7%	34	0	13.6%	-4.4%
Seattle-Tacoma-Bellevue, Wash.	$680,000	8.8%	-43.3%	-12.2%	34	-1	16.9%	-3.8%
St. Louis, Mo.-Ill.	$243,000	-2.0%	-19.3%	1.0%	50	-6	20.5%	-2.4%
Tampa-St. Petersburg-Clearwater, Fla.	$375,000	21.8%	-39.9%	-12.5%	37	-11	22.8%	-2.9%
Virginia Beach-Norfolk-Newport News, Va.-N.C.	$314,000	-3.4%	-17.9%	-2.7%	30	-9	10.6%	4.4%
Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va.	$510,000	1.6%	8.3%	-0.9%	35	-1	16.9%	4.4%

Full article on REALTOR® Magazine

From Keeping Current Matters

With mortgage rates climbing above 3% for the first time in months, serious buyers are more motivated than ever to find a home before the end of the year. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), puts it best, saying: “Housing demand remains strong as buyers likely want to secure a home before mortgage rates increase even further next year.”

But the sense of urgency they feel is complicated by the lack of homes for sale in today’s market. According to the latest Existing Home Sales Report from NAR: “From one year ago, the inventory of unsold homes decreased 13%. . . .”

What Does This Mean for Sellers Today?

With buyers eager to purchase but so few homes available, sellers who list their houses this fall have a tremendous advantage – also known as leverage – when negotiating with buyers. That’s because, in today’s market, buyers want three things:

• To be the winning bid on their dream home.
• To buy before rates rise
• To buy before prices go even higher.

Your Leverage Can Help You Negotiate Your Best Terms

These three buyer needs to give homeowners a leg up when selling their house. You might already realize this leverage enables you to sell at a good price, but it also means you can negotiate the best terms to suit your needs.

And since buyer demand is still high, there’s a good chance you’ll get offers from multiple buyers who are willing to compete for your house. When you do, look closely at the terms of each offer to find out which one has the best perks for you.

If you have questions about what’s best for your situation, your trusted real estate advisor can help. They have the expertise and are skilled negotiators in all stages of the sales process.

Full article on Keeping Current Matters