Hi and welcome to this week’s JHT Weekly Market update!

As expected, we are still seeing homes available to potential buyers continue to dwindle. Buyers are now entering bidding wars and causing listings to move much quicker on the market. 

The percentage of newly listed homes to accept an offer within 14 days increased from 42% in May to 47% in June. 

According to a report from Redfin, seasonally adjusted demand for houses during the first week of June was 25% above pre-pandemic levels. This is a promising sign for the next half of 2020 if you are considering jumping into the housing market.

Sellers are at an advantage here since there is limited inventory, but at the same time buyers are more motivated than ever to take advantage of today’s historically low mortgage rates. (insert ‘Historic Mortgage Rates by Decade’ table)

*Opinions are our own and not the views of eXp Realty.

Sources:
(1) https://www.keepingcurrentmatters.com/2020/06/16/three-reasons-homebuyers-are-ready-to-purchase-this-year/
(2) https://www.housingwire.com/articles/the-real-estate-market-heats-up-housing-demand-is-25-above-pre-pandemic-levels/