Area Housing Report October 2021

The U.S. housing market remains robust, with strong activity reported across

both rental and residential housing fronts. Single-family rent prices are

increasing rapidly, as demand for single-family housing and inventory

constraints forces some buyers to rent, increasing competition and pushing

rents up across the nation. Meanwhile, sales of new construction single-family

homes recently hit a six-month high, rising 14% to a seasonally adjusted rate

of 800,000, according to the latest data from the U.S. Department of Housing

and Urban Development.


New Listings decreased 13.7 percent for Single-Family Detached homes and

26.5 percent for Single-Family Attached homes. Pending Sales increased 1.7

percent for Single-Family Detached homes and 18.4 percent for Single-Family

Attached homes. Inventory decreased 42.1 percent for Single-Family

Detached homes and 56.4 percent for Single-Family Attached homes.


The Median Sales Price increased 10.9 percent to $292,900 for Single-Family

Detached homes and 24.4 percent to $218,000 for Single-Family Attached homes. Absorption Rate decreased 42.9 percent for Single-Family Detached homes and 61.5 percent for Single-Family Attached homes.


As temperatures drop, existing home sales continue to be plentiful, buoyed by

strong demand, low interest rates, and a slight uptick in new listings in recent

months, according to the National Association of REALTORS®. With interest

rates inching upward, and experts expecting further rate increases on the

horizon, motivated buyers are hoping to lock in their home purchases to take

advantage of what are still historically low rates.



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