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Even prior to the pandemic<\/a>, housing inventory had hit record lows, and the problem has only gotten worse as demand continues to rise. Total home sales<\/a> are outpacing new listings by a wide margin every month, and real estate tech company Homesnap<\/strong> foresees the shortage continuing in 2021 unless more sellers enter the market. <\/p>\n The divide between supply and demand is striking: compared to last year, total new listings increased .22%, while total sales increased 19.29%. Homesnap<\/a> said this trend could further drain inventory as 2021 approaches.<\/p>\n Home prices have risen<\/a> as a result of the mismatch in homebuyer demand and housing inventory. The average list price for properties that sold rose 6.7% from September to October this year, which Homesnap said is significantly higher than the same figure in 2018 and 2019.<\/p>\n As median home prices keep rising, homeowners who originally planned to sell<\/a> within the next three to five years might list their homes sooner, Homesnap said, freeing up more inventory.<\/p>\n Freddie Mac on the state of housing affordability<\/a><\/strong><\/p>\n Join experts at Freddie Mac for a discussion on\u00a0The State of Affordability.\u00a0<\/em>This panel will identify significant data and trends impacting the future and outline key challenges.\u00a0Get up to speed on today\u2019s housing market and discover how the industry can evolve to better serve tomorrow\u2019s market, together.<\/p>\n Homesnap predicts that even hampered by low inventory, the housing market will remain competitive in 2021, leading into a strong traditional spring home-buying season. Popular places to buy continue to evolve, with Homesnap agents reporting more homebuyers are searching in rural areas<\/a> outside major city limits because they aren’t commuting to the office anymore and are looking for more space. <\/p>\n Guy Wolcott, founder of Homesnap, says buyers need to be realistic about their budgets, stay on top of new listings and be prepared to make quick decisions, especially in a competitive market. <\/p>\n The post Even with low inventory, expect a strong 2021 housing market<\/a> appeared first on HousingWire<\/a>.<\/p>\n
\nPresented by: Freddie Mac<\/strong><\/h6>\n
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