For the week ending
"Some of the homebuyers I've worked with have come into the process thinking that thanks to low interest rates and the pandemic they'll be able to get a deal," said Rhode Island Redfin agent
Pending home sales up from last year, begin typical seasonal slowdown
Pending home sales for the four-week period were still very strong compared to 2019—up 15%. During just the last week of the period pending sales did increase 0.6% from the prior week, but in contrast to ever-increasing home prices, they are showing signs of a more typical seasonal decline, having decreased 8% overall since peaking during the week ending
"Schools are beginning to start again, and it seems like that has slowed the amount of homebuyer activity a little bit, but that doesn't make the market less crazy," said
Where are the sellers?
What keeps pushing prices higher? Primarily it's a lack of homes for sale in the face of an onslaught of homebuyer demand. The number of homes actively listed for sale during the period was down 28% from a year ago. The number of new listings did increase slightly, up 2.2% for the four-week period ending
Successful homebuyers are moving fast and making high offers
Of homes that went under contract during the four weeks ending
"Homes that are in good condition and priced well are selling very fast right now," said
The average sale-to-list price ratio increased to a new record high of 99.1%—meaning homes are selling closer than ever to their list price—up from 98.4% during the same period last year. Finding a "deal" on a home is harder than ever.
To view the full report, including charts, methodology and outlook, please visit: https://www.redfin.com/blog/record-breaking-housing-market-continues/
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