News & Blog

From REALTOR® Magazine: 2020’s Existing-home Sales Attain 14-Year Peak

Jan 25
Home graphic.
In a recent article, REALTOR® Magazine discusses how in 2020, existing-home sales reached their highest level in 14 years. These numbers are 22% higher than a year ago, according to the National Association of REALTORS®.
Lawrence Yun, NAR’s chief economist, states, “This momentum is likely to carry into the new year, with more buyers expected to enter the market…Although mortgage rates are projected to increase, they will continue to hover near record lows at around 3%. Moreover, expect economic conditions to improve with additional stimulus forthcoming and vaccine distribution already underway.”
In December 2020, existing-home sales reached a seasonally adjusted annual rate of 6.76 million, however, there are still a limited number of homes on the market for buyers. With inventory levels at record lows, there is continued pressure on home prices, which continue to show double-digit yearly gains.
To take a closer look at NAR’s latest report, you can view the original posted article, here.

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North Eastern Group Realty is Fort Wayne’s largest independent real estate company located at 10808 La Cabreah Lane, Fort Wayne, IN 46845.