Strong buyer activity has continued into the fall, which is normally the start of the seasonal slowing of the housing market. With stronger buyer activity in the market this year and the continued constrained supply of homes for sale, speedy sales and multiple offers are likely to remain a common occurrence and will keep the housing market hot even when the weather is cooling.

New Listings were down 14.2 percent for single family homes but increased 1.0 percent for Condo/TIC/Coop properties. Pending Sales increased 30.3 percent for single family homes and 29.5 percent for Condo/TIC/Coop properties.

The Median Sales Price was up 8.8 percent to $1,665,000 for single family homes but decreased 9.1 percent to $1,205,000 for Condo/TIC/Coop properties. Months Supply of Inventory increased 21.2 percent for single family units and 92.7 percent for Condo/TIC/Coop units.

While mortgage rates remain near record lows, The Mortgage Bankers Association reports that lending standards are tightening, which makes it a bit more difficult for some buyers to qualify. At the same time, unemployment remains substantially higher than a year ago due to COVID-19. Despite all this, buyers are out in full force this fall, showing amazing resilience in the middle of a pandemic.