Sales of previously owned U.S. homes rose more than expected in September to the highest level in 14 years as a desire for more space and record-low mortgage rates continue to support demand. [Bloomberg News]
The Chicago Suburbs are seeing this trend as well. I just closed on three more properties:
- 379 Sandhurst Circle, #2, Glen Ellyn
- 3N250 Timberline Drive, West Chicago
- 415 N. President Street, Wheaton
What is Causing this Boom?
There are many factors contributing to the current state of the housing market and increase house closings. Here are some other facts about the current state of the market:
Properties remained on the market for just 21 days in September, an all-time low and down from 32 days in the same month last year, the National Association of Realtors said.
Available inventory declined 19.2% from a year earlier to 1.47 million units, the fewest for any September on record, the NAR’s data showed. At the current pace, it would take 2.7 months to sell all the homes on the market, the lowest on record. Realtors see anything below five months of supply as a sign of a tight market.
Record selling prices and leaner inventory reinforce other data showing a booming housing market that’s a key source of fuel for the economy. With the pandemic forcing many Americans to work and learn from home, demand for single-family properties has soared at the same time record-low mortgage rates have lured more buyers.
Are You Ready to Buy or Sell?
If you’re thinking about selling your home check out this post – Are You Ready To Sell Your Home? And if you’re ready to buy, this post is a great place to start – How to Prepare to Buy a Home.
Whether you’re buying a home or selling a home Sam can help you navigate this process. Give her a call or send her a text and she’ll will help you get started!