New Home Construction Stays Positive
For the second month in a row, new home builder sentiment reached a record high, according to the NAHB/Wells Fargo Housing Market Index. Both September and October saw index numbers above 80. For reference, an index above 50 is considered positive and the index stood at 71 this time last year.
As reported by CNBC as of September 2020, homes spent an average of 54 days on the market, the shortest average time ever recorded. Compared to averages this time last year, homes in the Northeast spent 13 days fewer on the market, while those in the South spent 11 days fewer, 9 days fewer in the Midwest, and 7 days fewer in the West.
Luxury property sales spiked 41.5% compared to this time last year. As defined by Mansion Global, luxury is considered the top 5% of listings by price in the nation's 49 most populous metro areas.