Historically, the fall months have less competition for homes. But the pandemic has altered that trend, with many cities seeing housing prices increase by double-digit percentages.
The October housing market indicators show market activity improving overall. However, home list prices remain high due to tight inventory and high demand.
Since many sellers are also hopeful homebuyers, the low supply of available homes for sale makes the decision to sell more difficult. Experts hope that increased construction will help ease the home supply demand in the coming year; otherwise, it will be challenging for the housing market to climb out of this pattern.