Home sales nationwide jumped a staggering 21.9% in the last month of 2020 compared to the year prior, and increased 6.2% from the previous month, according to the latest RE/MAX National Housing Report.
It was the 5th best month of the year and outperformed most of 2019.
“The very strong sales total in December – over 20% higher than a year earlier – reflects just how frenzied the market was as we entered 2021. And when you look at the entire last half of the year, you see sky-high demand for housing across the country,” Adam Contos, CEO of RE/MAX Holdings, Inc., said in the press release. “Buyers are dismissing the potential constraints of rising prices and limited inventory to boldly move ahead with their plans to purchase and own a home. We think that says a lot about the lasting appeal of homeownership.”
Contos added that RE/MAX anticipates more sellers entering the market in 2021 because of low interest rates and the ability to work from home. New construction will also provide more options for buyers, he said.
RE/MAX highlights include:
- Average days on market: 37, down from 53 a year ago
- Median sales price: $290,000, up 9.4% from 2019
- Months of supply of inventory: 1.8, down from 3.9 a year ago