Beaumont Housing report - September 2020

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Real Estate

The average price for Sept 2020 was $184,500, up 13.6% from Sept 2019. The median price for August 2020 was $163,000. Inventory months are at 3.1 in comparison to 3.8 in Sep 2019, and 3.4 in August 2020. With 127 closings in Sept 2020, closed sales were up by 38% compared to August 2020. Active listing in Sep 2020 was down 18.7% at 292, with 314 in August 2020.In conjunction with the lack of inventory, low mortgage rates have boosted costs, generated a dearth of inventory at the low end, and enhanced buyer competition. There is more competition with demand outpacing supply, and properties sell quicker, helping current home buyers who can make a faster and better offer. First time home buyers is down 31% according to the September 2020 REALTORS® Confidence Index Survey Report. The 25-34-year-old workforce saw the biggest rise in the unemployment rate, a rise of 5 percentage points relative to the unemployment rate in February 2020. The highest unemployment rate of 8.7% (from 3.7 percent to 8.7 percent) is in this age group.

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