November Continues It's Housing Rally

Dated: December 16 2020

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“It is almost hard to be creative when writing these reports because the story remains the same. Much like the lack of snow fall to hit this winter we are seeing a total lack of inventory as well. Coming into November, we dropped another 6.4% on single-family home inventory. Like months past, as the inventory shrank we saw pending sales increase and demand pushed prices up with the median sales price rising 18.4% year over year. This directly ties into the -59.7% drop in active listings from this time last year.

 

“The insanity continues despite the fact that we are seeing shutdowns again across our state and the nation. Unemployment filings continue to go up, forbearances are still being used and delinquencies across the major government loans are up. We have a detached economy, which has been the case all year in regards to real estate. Regardless of the economic data, the real estate market continues to be a shining light.

 

“Nationally, we will enjoy low interest rates, probably forever. As states shut down again, the economic damage becomes harder to reverse and 2021 could go either way. However, if real estate behaves like it has been, it should hold up well. Time will tell how quickly we can work past these closures,” said Colorado Springs-area REALTOR® Patrick Muldoon.

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Patrick Muldoon

I have many interests and hobbies to supplement my busy career in real estate. Although I enjoy my work I also enjoy finding free time to enjoy the most important things in life. This includes being w....

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