Home sales

Home sales expected to hit 6.8 million in 2021: MoxiWorks


A strong fall and winter season should mean 2021 will end with nearly 7 million sales, making it one of the strongest years in history, according to a new analysis from MoxiWorks.

A new report from real estate technology company MoxiWorks predicts that a strong home buying season in the fall and winter should mean 2021 will end with nearly 7 million total sales, making it one of the years. strongest sales in history.

The report, released Thursday, predicts that in October, the United States will experience a total of 594,000 home sales. Another 556,000 homes are expected to sell in November. The report does not include a specific estimate for December, but ultimately concludes that by the end of the year, the United States will have recorded a total of 6.8 million sales.

Credit: MoxiWorks

MoxiWorks previously released a report that predicted September would see 564,000 home sales. In fact, September ended up registering 572,000 sales, according to the latest report. These figures indicate that the market was even stronger than expected.

That previous report also forecast 569,000 home sales in October, a number lower than MoxiWork’s recently revised estimate for the month. On the other hand, the previous report also forecast a total of 6.8 million home sales in 2021, the same projection included in the last report.

While the market is expected to remain strong, MoxiWorks also notes in the report that there could be deals in some corners.

“Over the past few years, people have been seeing home sales decline,” the report notes, referring to the last months of the year. However, MoxiWorks believes that while home prices are still appreciating overall, people should expect to see more properties with price adjustments from sellers keen to close before the end of the year. ‘year.”

MoxiWorks’ latest report follows several others that also predict a solid end to 2021. Earlier this week, for example, Zillow raised its forecast for total home sales for 2021 from 5.9 million to 6 million in the past. North. The company ultimately concluded that while home values ​​are expected to grow more slowly through the end of the year, selling activity “should strengthen in the short and long term.”

Fannie Mae came to a similar conclusion. In a report released last week by the government-sponsored company, economists said 2021 could end with a total of 6.768 million in sales of existing and new homes. Such a total would represent a year-over-year increase of 4.7%, up from Fannie Mae’s earlier prediction of a 3.3% increase.

For its part, the latest housing report from the National Association of Realtors (NAR) predicts a total of 6.87 million home sales in the United States in 2021. The figures from the NAR – which the trade group provided in Inman – also indicate that in 2020 5.6 million homes sold. This means that virtually all projections show that this year beats last year.

In addition, data from NAR shows that 2005 recorded the highest number of home sales of all years in the past four decades, at 7.1 million. The year with the second highest number of sales was 2004, with 6.7 million. If this year’s various projections come true, that means 2021 could very well match or beat the second best home selling year in U.S. history.

While MoxiWorks, Zillow, Fannie Mae, and others have offered somewhat varying specific projections for 2021 final home sales, the overall result of these various reports is that many observers across multiple companies expect a good deal. end of year. It is also significant that many of the latest reports include upward revisions, indicating a consensus that the market is performing better than previously expected.

Email Jim Dalrymple II