While the housing market typically falls off in the Autumn months, this year’s housing market has been anything but typical. After an exceptionally strong summer for home sales, a report by the tech firm MoxiWorks is suggesting that this will continue into the fall.
Until 2020, home sales followed a regular seasonal pattern, with sales going up in the spring, peaking in the summer, and then declining in the fall. That changed last year, as the housing market stayed hot all the way into January 2021, before heating right back up again in March.
Nevertheless, seasonality is still a powerful factor, especially with some renewed concerns about COVID. But according to data from the tech firm MoxiWorks, COVID and chilly weather will do little to stop the market. Their research predicts that 564,000 homes will be sold in the U.S. in September. That would be a drop of 5% from August, which is quite significant given that the typical seasonal drop from August to September is 14%.
MoxiWorks also predicts a slight uptick in sales in October to 569,000. Overall, they are predicting that there will 6.8 million home sales in 2021. If this is correct, it will be the highest number of home sales in a single year in the U.S. since 2005.
MoxiWorks compiles its reports by looking at sales and listing data from both individuals and multiple listing services. There prediction in August was off by 1%.