The upward trajectory of the market continued this February with sales 8.6% ahead of last February, even though inventory is 28% lower than it was at the same time last year. Pending contracts were 16% higher than they were at the same time last year, so it appears the trend of increasing sales will continue.
The average price of homes sold in the last year is 11.2% higher, and the median price is 10.9% higher than the previous 12 months, continuing the aggressive rise in home prices.
While some people are busy preparing for COVID-19, others are busy buying homes.
What would the market be like if we had more inventory?
Resales are not coming on the market fast enough. New homes make up an astounding 67% of available homes with only 20 days of inventory ready to be occupied. The chart below displays a breakdown of new and resale inventory.