In normal years, Spring is the hottest homebuying season of the year.
But we don’t have to tell you that 2020 isn’t a normal year—and as a result of the COVID-19 shutdowns, it looks like peak homebuying season is going to hit a little late this year.
According to recent data from realtor.com, pace of sales, demand, and prices in August have all surpassed data from this time last year, with homes selling four days faster than August 2019 and median listing prices up 9.4 percent. And the Housing Market Recovery Index, a realtor.com index that measures the recovery of the real estate market in the US, hit 103.8 for the week ending August 1—which is 3.8 points above the pre-COVID baseline.
What does this mean for you? While COVID put a damper on the generally busy Spring home selling season, buyers are hitting the market in droves this August—and because inventory is still an issue, it’s pushing up home prices. So, if you’ve been thinking about selling, now is a great time to make a move.