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Asking Prices Surge to a Record High ☘ Hoey Team ☘ eXp Realty
Dated: August 4 2020
While the pandemic continues, home prices are accelerating and, in some markets, began to edge into previously uncharted territory this month. The national median listing price in July was $349,000—a record high, realtor.com® reports in its latest Monthly Housing Trends report.
Further, homes are selling just as fast as they were last year. Buyers are in a rush for fewer homes for sale. Nationally, the housing inventory has declined to nearly one-third of what it was last summer, realtor.com® reports.
National listing prices grew 8.5% in July year over year. Homes are selling six days faster than a year ago. Homes are selling the fastest compared to a year ago in markets like Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.; Boston-Cambridge-Newton, Mass.-N.H.; and Hartford-West Hartford-East Hartford, Conn., realtor.com® reports.
When the COVID-19 outbreak first struck the U.S. in March, home prices tumbled. But, since April, home prices have reversed course and accelerated each month. July’s listing price increase of 8.5% marks the largest jump in median listing prices in one month since November 2018, realtor.com® notes, equating to a $27,000 increase from a year ago.
The Northeast is now leading the nation’s housing recovery, realtor.com® reports. “After being particularly hard-hit in March and April, new coronavirus cases remain stable in the Northeast and we’re seeing buyers return to the market in force,” says Danielle Hale, realtor.com®’s chief economist. “If this same trend follows in the South and Midwest—where outbreaks continue to rise—we could see a flurry of activity well into the fall, especially as schools delay their openings.”
Indeed, Hale notes that “the U.S. housing market performance is closely mirroring COVID’s path, which is providing clues into what we can expect for various housing markets in the months to come.”
Housing inventories remain tight across the country. Inventories of new listings are down 34.8% compared to a year ago, according to realtor.com®. The metros that have seen the largest declines in inventory are Riverside-San Bernardino-Ontario, Calif. (down 50.4% annually); Baltimore-Columbia-Towson, Md. (down 48.7%); and Providence-Warwick, R.I.-Mass. (down 47.4%).
Here in Southwest Florida, inventory is low, but we continue to list and sell real estate. At our Team ☘ and Brokerage, we have been succesfully working 100% virtually / remotely for the past number of years as we grew, so we have been used to this new requirement.
Article content from our NAR (National Association of Realtors) Newsletter and from other sources including Hoey Team ☘ eXp
On this page we are adding a list of Vendors for COVID-19 related items here in SWFL. Please let us know if there is a Vendor / Store we should add: www.VisitCollier.Com Feel free to share with anyone looking.
NOTE for Buyers and Sellers: On our Hoey Team ☘ VIRTUAL OPEN HOUSE Page you may WATCH ? Detailed HD 3D Immersive VIDEO ? Walkthrough Tours for all our COMING to MLS & AVAILABLE LISTINGS right HERE: ? www.SWFLVRE.com ?
For more Real Estate related information as we go throught this COVID-19 experience, or if you have questions on any aspect of Buying, Selling, Upsizing, Downsizing, Moving within or Relocating to or from Florida (the number 1 state for people to move to), or on any aspect of the Real Estate Market, Locally, Nationally or Internationally, please let us know, we can help, we can address / answer your questions, and we are always available to help you or someone you know.
P.S. --> If You'd like for me to create a regular Video Tour for ANY of the Properties on our website, just CLICK "Video Request Button"; from property details. We can visit the property and record you a video, or, if you want, we can do a one on one Facebook Live Showing: https://HoeyTeam.239RealEstateDeals.Com
Hope Everyone Remains Safe; we are all in this together; and we trust that we will get through this Coronavirus COVID-19 pandemic more united, as one, with as little loss as possible.
Please let Kim or Barry know if we can do anything to help anyone in need here in Southwest Florida, weither it is for you or for a loved one, and we are able to help in a responsible social distncing way, we will certainly do what we can to help.
Also; please check out the other blogs, and tabs to many other Links, Updates, Reports & Stats that we have here on our informational website. ☘
We hope that you find the information useful. If you have any questions, please do not hesitate to contact Barry or Kim with the Hoey Team ☘ brokered by eXp Realty
“Please Share this and our informational website with anyone who you think the info will help.
Feel free to refer any family or friends; it is the greatest compliment that you can give to us; we really appreciate referrals from Past Customers, Friends and Fellow REALTORS, who we help in any way we can.
Most of our business is referrals by word of mouth; from past Sellers and Buyers who we have helped; please ask for and check out our testimonials and Sales Stats. Thanks, Barry & Kim ☘”
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