The pandemic put only a temporary damper on the housing market, as the market has rebounded robustly, hotter than ever. The median home price in August 2021 was $356,700, up 14.9% from August 2020, according to the National Association of Realtors. And the inventory of unsold homes dropped 1.5% to 1.29 million from July to August, which is equivalent to a 2.6 months sales pace.
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This heat is largely because inventory for sale dropped by 40% since the pandemic started and never quite came back to normal levels, says Bill Samuel, a real estate investor with Blue Ladder Development. “Demand only slowed down for a couple of months during the quarantine period, and then came back to normal,” he said. However, supply hasn’t quite caught up, meaning there are more buyers than sellers, part of what is driving the market right…
