The COVID-19 pandemic changed the way spring home-buying season worked this year. The pandemic pushed the homebuying season from spring to summer. Realtors have been busy these past view months and are currently busier than ever.

The Midwest has the most contract signings the first week in August at 21% followed by the South at 20%, the Northeast at 13% and the West went down 4%.

The National Association fo Realtors reported that this month has begun strongly with contract signings. In fact, the number of new contract signings is outpacing new listings because of the low inventory of homes. This has made the typical property sell within 26 days for the month or so leading up to August 2.

With the push back on the spring market, realtor.com’s Housing Market Recovery Index said that August has become the new May when it comes to home sales. Agents have been showing and selling nonstop in August.

“About mid-May, it just accelerated,” Terry Story, a Realtor with Keller Williams Realty Services said. “Everybody came out of the woodwork and it just keeps getting faster and faster and faster. [And] we’re selling property to people sight-unseen out of the area.”

Story is from Boca Raton and she explains that because of the low inventory in her area, many homes are in bidding wars. Many city dwellers are moving to Boca Raton and wanting bigger houses making single-family homes the hottest commodity in Boca Raton.

The housing market is hot all around the United States and will probably remain this way through October. Realtors are reporting that houses are selling for way over asking and buyers are scrambling to do anything to secure a property.

“I don’t know that we’re going to see a slowdown,” Story said. “. . . we anticipate that the market’s going to stay like that for a while. It started off with pent-up demand, where we didn’t have any inventory so we didn’t have any activity for a couple months.”

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