American homes are selling better than summer peaks
According to a report by RE/MAX Holdings, this past October, in 52 key markets across the United States, the average time it took to successfully sell a home, from posting an ad to signing a purchase contract. sale was just 38 days – the fastest pace ever recorded in the report’s 13-year history.
Even during the peak season for real estate sales in the US, which is usually the spring-summer months, homes have never sold so quickly. In particular, this year, due to the impact of the Covid-19 pandemic, the US real estate sales season has “cooled down” significantly.
Mr. Adam Contos, CEO of RE/MAX Holdings, said: “The housing market continued to have remarkable movements in October due to the impact of high home buying demand and historically low interest rates. Under the influence of the Covid epidemic, a part of home buyers have escaped the constraints of living close to the workplace, so they quickly enter the market, looking for homes that can arrange offices, have more outdoor space.”
Besides, the quick transaction times also show that US home buyers are now ready to act as soon as they find the right home. Sellers can quickly complete a transaction without repeatedly adjusting prices to attract buyers.
The report also said that the amount of real estate inventory in October decreased by 7.6% compared to September and decreased by 32.5% compared to the same period last year. Out of 52 key markets, Hartford (Conn.), Wichita (Kansas) and Chiacago (Illinois) were the leaders in home sales growth.
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