"Homeowners in counties of all colors—blue, red and purple—are benefiting from a strong housing market even during this deep recession," said Redfin chief economist
"But rising prices and tight supply mean it's a tough landscape for first-time homebuyers," Fairweather continued. "Many of them have long been priced out of urban blue counties and are searching in suburban swing counties and more rural areas. This trend is being exacerbated by the pandemic-driven work-from-home culture, which is causing many homebuyers to place more emphasis on indoor and outdoor space and less on commute times."
For this analysis, counties were classified as "blue" if the 2016 Democratic presidential candidate won by more than 10 percentage points, and classified as "red" if the 2016 Republican candidate won by more than 10 percentage points. Counties were classified as "swing" if neither candidate received more than 55% of all votes.
Housing supply is tightening most and homes are selling fastest in swing counties, but blue and red counties aren't far behind
The total number of homes actively listed for sale was way down from a year earlier in all areas, with supply tightening the most in swing counties. Total housing supply dropped nearly 35% year over year in swing counties in the four weeks ending
"Supply is dropping the most in swing counties because they tend to be made up of suburban neighborhoods, where there are far more homebuyers than sellers right now," Fairweather said.
New listings were up most in blue counties (12.4% year over year) in the four weeks ending
Additionally, homes sold fastest in swing counties, with 43.5% of homes going under contract within two weeks during the four weeks ending
Sales were up most in red counties, but pending sales were up more in swing and blue counties
The number of homes sold in the four weeks ending
Sales in blue counties were hit hardest at the beginning of the coronavirus pandemic, down 34.8% year over year in the four weeks ending
Pending home sales rose most in swing counties, with a 29.6% year-over-year increase in the four weeks ending
Homes in blue counties sold closest to their asking price
Homes in blue counties were slightly more competitive than other counties in the four weeks ending
The average sale-to-list ratio was up most from last year in swing counties, with a 1.5 percentage-point increase from the year before, compared with a 1.2-point increase for blue counties and a 1-point increase for red counties.
To read the full report, including charts, please visit: https://www.redfin.com/blog/housing-market-price-increase-politics.
Redfin (www.redfin.com) is a technology-powered residential real estate company, redefining real estate in the consumer's favor in a commission-driven industry. We do this by integrating every step of the home buying and selling process and pairing our own agents with our own technology, creating a service that is faster, better and costs less. We offer brokerage, iBuying, mortgage, and title services, and we also run the country's #1 real estate brokerage search site, offering a host of online tools to consumers, including the Redfin Estimate. We represent people buying and selling homes in over 90 markets in
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