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Inventory also reached its lowest point in the report’s history, down 31.8% from the same time last year and down 13.3% from October.
We asked industry experts for their predictions on the market ahead and here’s what they said.
“This multifamily housing community will replace desperately needed housing resources lost during Hurricane Harvey while adding an attractive, viable, and valuable asset to the neighborhood.”
More than half of Redfin listings (54%) experienced bidding wars in November, down only 4 percentage points from the previous month, according to the online broker’s new report.
The flight of homeowners from large urban centers to the suburbs has unexpectedly begun to reshape residential real estate, but luxury property in large cities have also gotten a boost from the hot market.
Ten Houston agents sold homes priced between $3,925,000 and $4,999,500 last month, according the HAR
The report noted that the populations of large cities have declined the most during the pandemic.
With winter upon us and coronavirus cases exploding, the latest jobs report marks five straight months of declining job growth.
First American Chief Economist Mark Fleming has predicted that homebuyers are likely to face higher prices, and an inventory crunch, in 2021.
Home construction continued to surge across the nation, which reflected the projection that new homes will help moderate price growth over the next 12 months.