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In early October, the U.S. median home price held steady at $350,000, reflecting a record growth of 12.9% year-over-year. Despite a typical autumn slow down, buyer demand remains high, enticing sellers to stay in the market. However, inventory is down 38% from last year, with a 7% drop in new listings. Homes are selling approximately 13 days faster than in the previous year, at around 53 days on the market. The proprietary Housing Market Recovery Index maintained a healthy score of 110.4, indicating a resilient housing market.

The COVID-19 pandemic has accelerated home buying plans for nearly half of millennial shoppers, according to a survey by realtor.com and HarrisX. The survey of 2,000 prospective buyers reveals 49% are looking to purchase sooner than planned. With 75% working remotely, 63% cite this as a reason for buying a home. Millennials are leveraging record low mortgage rates and are prepared for competition, with 71% expecting it. Over half are seeking homes below the median U.S. price of $350,000, with 36% targeting homes under $200,000.

The analysis by realtor.com highlights a migration trend where Americans are moving from blue states to battleground states like Florida, Michigan, Pennsylvania, and Wisconsin, potentially influencing the upcoming presidential election. Most home searches in these states are originating from blue areas, particularly in counties known for Democratic leanings. The report emphasizes that while many factors will affect voting outcomes, the migration patterns suggest a significant interest from blue state residents in these swing states. Critical questions remain about the political affiliations of these potential new residents.

The September Monthly Housing Trends Report from realtor.com® reveals that the usual seasonal drop in home buying is absent in 2020 due to pandemic-driven demand. Buyers now face 25% more competition and are paying $20,000 more for homes. Listings have decreased by 21% compared to the year's start, while home prices rose by 17%. Homes sold 12 days faster than expected, driven by high demand and low inventory. Notably, significant price increases were observed in major metros like Cincinnati (+16.9%) and Boston (+16.4%).

Realtor.com has reported a significant deurbanization trend in U.S. homebuying, driven by a desire for larger living spaces and remote work flexibility. Suburban home prices have surged by 3.2% since March, outperforming urban areas at 2.3%. The median suburban listing price rose 5.2% year-over-year, compared to 2.4% for urban homes. Suburban properties are selling 11.4% faster, while inventory is down 41.3%% in suburban areas, versus 34.3%% in urban areas. Strong demand for suburban homes is evident, impacting the real estate market significantly.

As of September 19, 2020, nearly 400,000 fewer homes were listed compared to last year, resulting in a 39% reduction in U.S. housing inventory. This scarcity has accelerated home prices, which rose by 11.1% year-over-year, with homes selling 12 days faster on average than in 2019. Realtor.com®'s Housing Market Recovery Index indicates a stronger market, now at 107.2 points, compared to pre-COVID levels. Despite these improvements, the number of new listings is down 15% from last year, leaving the market tight, especially with the ongoing challenges from the pandemic.

Home buying challenges intensified as home price growth soared to an 11% increase, the highest in two years, and inventory dropped by 39% year-over-year, according to realtor.com's Weekly Housing Report for the week ending Sept. 12. Natural disasters, including wildfires and hurricanes, contributed to a 17% decline in new listings. The Housing Market Recovery Index fell to 107.4 points, indicating a slight weakening but remaining 7.4 points stronger than pre-COVID levels. Fast home sales are now the norm, averaging just 54 days on the market.

Realtor.com^® has appointed Chris Patalano as its new chief technology officer, effective immediately. Patalano, who previously led engineering at Pandora and SiriusXM, will define the company's strategic technology roadmap. He aims to optimize realtor.com^®'s technology infrastructure and innovate consumer experiences. CEO David Doctorow expressed excitement about Patalano's expertise, expecting him to enhance the company's competitive edge in the real estate technology space. This hire concludes a series of leadership changes aimed at differentiating the company in the industry.