In the week ending
"The main thing going on is scarcity of homes for sale. There's nothing there, so people want it even more," said Seattle Redfin real estate agent
Both the number of homes for sale—down 36% from a year ago during the week ending January 24—and the rate that new homes are being listed for sale—down 13%—are falling from last year's already-low levels. The average home spent just 34 days on the market before selling—20 days less than the same time a year ago and also a record low for this time of year as far back as our data for this measure goes.
"There will continue to be a lack of new listings in early 2021," said Redfin chief economist
Homebuying demand, which typically slows through the winter, is 60% above where it was last year. This is according to the Redfin Homebuyer Demand Index, which measures requests to Redfin agents for homebuying services such as home tours and making offers to purchase a home.
"I don't see the market slowing down at all in the next few months," said Phoenix Redfin real estate agent
While the hot market is largely only benefitting the few people who are selling their homes this winter, there are many people who simply couldn't have afforded to buy a home within a short commute to work who are taking advantage of the flexibility of remote work and moving to where they can afford home prices and more space.
"It used to be that homebuyers who were priced out of the closer-in suburbs would look farther out for a home they could afford and compete for," said Petrich. "Thanks to remote work, there has been a huge shift in homebuying demand to the farther-out, less expensive suburbs. It was very competitive before, but it has become much more intense now that people need more space."
To view the full report, including charts and methodology, please visit: https://www.redfin.com/news/2021-housing-market-forecast/
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