Real Estate Market Summary, September

  • National inventory declined by 39.0% over last year.

  • The inventory of newly listed properties declined by 13.8% nationally over the past year.

  • The September national median listing price was $350,000, up 11.1% compared to last year.

  • Nationally, the typical home spent 54 days on the market in September, 12 days less than the same time last year, and three days less than last month. This is the first time in our records that homes sold more quickly in September than August, and signals an unusually active fall market. 

  • The monthly cost to purchase the U.S. median home was $1,584 in the first quarter of 2020, compared to the median monthly rent of $1,391.

  • On average, buying the median priced home accounts for 29 percent of the national median income, while renting accounts for 25 percent.

  • 478 or 81% of the 593 U.S. counties analyzed still favor renting over buying in the first quarter of 2020.

  • However, over the last year, 21 of the 593 U.S. counties analyzed switched from being more affordable to rent to being more affordable to buy.

  • Top areas where buying is more affordable than renting include Clayton County, GA (Atlanta Metro Area); Baltimore City, MD (Baltimore Metro Area), and Richmond County, GA (Augusta Metro Area).

  • The Housing Market Recovery Index reached 110.6 nationwide for the week ending September 26, 10.6 points above the pre-COVID baseline.

  • The overall index has spent 11 straight weeks above recovery after spending 17 weeks below recovery in the early pandemic.

  • Locally, a total of 48 markets have crossed the recovery benchmark as of this week, seven more than the previous week with the greatest recovery in Las Vegas, Boston, Los Angeles, Riverside-San Bernardino, and Philadelphia.

Article : Realtor . com Photo: Bradley's Digital Imaging

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