While there’s no denying that there is a lack of inventory across the country (available inventory is down 38 percent year-over-year), according to realtor.com’s Weekly Housing Report, the week ending October 10, 2020 marked the fourth week in a row that the available inventory in the United States has improved or stayed the same. And the number of new listings is also slowly increasing; while the number of new listings hitting the market was down 5 percent year-over-year, that was an improvement from the previous week—when listings were down 7 percent YoY.
Although these improvements might seem minor, they signal that sellers are starting to feel more confident listing their homes—and that shift in seller confidence could bring major changes to the market.
“Home sales are shaping up for a record breaking October. There are so many buyers in the market right now that even the slight improvements we’re seeing in inventory could push the number of homes sold this month near mid-2000s levels,” Javier Vivas, director of economic research for realtor.com®, said in the report’s press release. “If sky-high prices continue to lure more sellers into the market, it could prompt the inventory rebound we’ve been waiting for—which would be welcome news for frustrated buyers.”
So, what does this mean for you? With homes selling quickly and profitably, more sellers are gaining the confidence they need to list their home—so if you’ve been thinking about selling, now is a great time to make a move. And, if you’re a frustrated buyer, you may find yourself with a few more choices hitting the market soon.