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Buyers Snatch Up Listings

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Home sales could easily be 20% higher if more homes were for sale. Home sales rose 0.6% in January compared to December 2020 and are up nearly 24% over a year ago.

Home sales continued to ascend in the first month of the year, as buyers quickly snatched up virtually every new listing coming on the market. Seventy-one percent of homes sold in January were on the market for less than a month.

While most of the economy has felt the toll of the lingering pandemic, the housing sector has remained a bright spot. Sales remain high and home prices have continued to rise, adding equity to home sellers.

Home sales are continuing to play a part in propping up the economy. With additional stimulus likely to pass and several vaccines now available, the housing outlook looks solid for this year. It is predicted employment to increase, which could spur even more homebuying over the coming months.

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