August 2020 Market Reports

The housing and stock markets continue to be the leaders in the economy. In August, showings and pending sales remained at strong levels. Housing inventory remained limited in many segments, continuing the competitive bidding we have seen across much of the market in recent months. Nationally, the Commerce Department and U.S. Housing and Urban Development report total housing production is up 22.6% to a seasonally adjusted annual rate of nearly 1.5 million units, the highest rate since February. According to the National Association of Home Builders estimates, lumber prices have surged more than 110% since mid-April, adding approximately $14,000 to the typical new single-family homes. For the 12-month period spanning September 2019 through August 2020, Pending Sales in the Western Upstate region were up 2.2 percent overall.

The price range with the largest gain in sales was the $300,001 and Above
range, where they increased 20.7 percent.

The overall Median Sales Price was up 8.9 percent to $195,000. The property type with the largest price gain was the Single-Family Homes segment, here prices increased 9.8 percent to $199,900. The price range that tended to sell the quickest was the $150,001 to $200,000 range at 71 days; the price range that tended to sell the slowest was the $300,001 and Above range at 108 days.

Market-wide, inventory levels were down 23.0 percent. The property type
that lost the least inventory was the Condos segment, where it decreased
17.2 percent. That amounts to 3.0 months supply for Single-Family homes
and 3.8 months supply for Condos.

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