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Homes sold two weeks faster in September due to unusual surge in demand

  • It took just 54 days to sell a home in September. That is the shortest time since realtor.com began tracking this metric in 2016. Back then it took 78 days.
  • The median price of a home sold in September was $350,000, up just over 11% annually.



a person standing in front of a building: People walk into a house for sale in Floral Park, Nassau County, New York, the United States, on Sept. 6, 2020. Home buyers eying for cozy backyards and more office space are staging bidding wars in the suburbs surrounding New York City amid the spread of the COVID-19 pandemic.


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People walk into a house for sale in Floral Park, Nassau County, New York, the United States, on Sept. 6, 2020. Home buyers eying for cozy backyards and more office space are staging bidding wars in the suburbs surrounding New York City amid the spread of the COVID-19 pandemic.

Homebuyers hoping that a seasonal slowdown in the housing market would dampen rising prices can forget about it.

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More buyers piled into the fray in September, spurred by record-low mortgage rates and a pandemic-induced stay-at-home culture, pushing sales to an even faster pace.

In the first read on September demand, homes sold 12 days faster than they did a year ago, according to realtor.com. Homes usually sell 25% faster in September than at the start of the year, but this year they sold 39% faster.

It took just 54 days to sell a home during the month. That is the shortest time since realtor.com began tracking this metric in 2016. Back then it took 78 days.

Regionally, properties in the Northeast spent 13 fewer days on the market than last year, while those in the South sold 11 days faster. In the Midwest it took nine fewer days to sell a home and seven fewer in the West. In the 50 largest metropolitan housing markets, the typical home sold in 44 days, 10 days faster than last year.

“Many buyers tend to put their home search on hold after the start of the school year, but remote learning and

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