Home Sales to reach 490K in November, 519k in December, according to MoxiWorks

Real Estate

Home Sales to reach 490K in November, 519k in December, according to MoxiWorks

MoxiWorks, a real estate tech platform and marketing agency, projects a total of 490,000 U.S. home sales in November and 519,000 in December. According to data from the National Association of Realtors (NAR), those numbers are on track to exceed existing home sales from November 2019 of 404,000 and from December 2019 of 434,000.

The company launched its Home Sales Predictor in October. It is a model employed by drawing from data on the number of presentations created within the company’s presentation builder, MoxiPresent, and matching it against MLS sold listings data.

If the company’s accuracy with previous predictions is any indication, these November and December forecasts should come pretty close to the actual sales numbers. MoxiWorks’ home sales predictions for the month of September came within 1 percent of the actual number of sold listings that month.

MoxiWorks CEO York Baur said in a release of the November and December predictions that remote work trends, low interest rates and younger generations entering the housing market in greater numbers should drive market traffic well into 2021.

“While you may read headlines about looming foreclosures and other negative opinions, I believe that the market will remain buoyant through next year based on three fundamental factors,” Baur said. “Demand from people who are changing their housing need or location based on the work-from-anywhere trend, the fact that Millennials and Generation Z are entering the housing market in large numbers, and the prospect of continued low interest rates.”

“While low inventory remains a constraint, our leading indicators show that agents were in front of more consumers in October, talked to them about listing their homes, and that should bode well for December closings, as well as creating further momentum for the beginning of 2021,” Baur added.

May 21, 2021 Real Estate