Summer 2020 is shaping up to be a very competitive market for buyers thanks to record-low interest rates and scarce inventory, according to realtor.com®‘s Weekly Recovery Report for the week ending July 11. Moreover, the U.S. housing market continues to get closer and closer to pre-COVID levels with the realtor.com® Housing Market Recovery Index reaching 98.5 this week.
Today’s market remains tipped in favor of sellers as would-be spring buyers are shopping well into what would normally be summer vacation season. Home buyers, trying to take advantage of record low mortgage rates and make up for lost time, are finding limited and more expensive options, Realtor.com said.
However, housing shortages continue. Over the last three weeks combined, new listings are down an average of 14% from a year ago. Also, median listing prices continue to increase at 7.9% over last year, which is faster than the pre-pandemic pace, Realtor.com® noted.
