All across the nation, in areas hard-hit by COVID and those that were barely touched, the real-estate market continues to rebound strongly from spring’s drop, according to new data from the National Association of Realtors.
For four straight months, home sales have grown in every region compared to the previous month. Median home prices increased at double-digit rates in each of the four major regions from one year ago.
• September 2020 saw existing-home sales in the Northeast jump 16.2 percent, recording an annual rate of 860,000, a 22.9-percent increase from a year ago. The median price in the Northeast was $354,600, up 17.8 percent from September 2019.
• Existing-home sales grew 7.1 percent in the Midwest to an annual rate of 1,510,000 in September, up 19.8 percent from a year ago. The median price in the Midwest was $243,100, a 14.8-percent increase from September 2019.
• Existing-home sales in the South increased 8.5 percent to an annual rate of 2.80 million in September, up 22.3 percent from the same time one year ago. The median price in the South was $266,900, a 13-percent increase from a year ago.
• Existing-home sales in the West rose 9.6 percent to an annual rate of 1,370,000 in September, an 18.1-percent increase from a year ago. The median price in the West was $470,800, up 17.1 percent from September 2019.
“There is no shortage of hopeful, potential buyers, but inventory is historically low,” said Lawrence Yun, chief economist for the National Association of Realtors, who pointed to challenges in the home-building sector, including shortages of materials and rising prices.
“To their credit, we have seen some homebuilders move to ramp up supply, but a need for even more production still exists,” Yun said.
Sales in vacation-destination counties have seen a strong acceleration since July, with a 34-percent year-over-year gain in September.
Big gainers include Lake Tahoe, Mid-Atlantic beaches (Rehoboth Beach, Myrtle Beach) and the Jersey shore areas, Yun said.