10/21/2021 | Press release | Distributed by Public on 10/21/2021 06:12
SEATTLE, Oct. 21, 2021 /PRNewswire/ -- (NASDAQ: RDFN) -- Forty-four percent more homes are pending sale than at this time in 2019, but only 3% more homes recently hit the market-down from 12% growth over 2019 just 7 weeks prior, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. As a result of the severe imbalance between the number of homes for sale and the number of buyers, the pace of the market is picking up at a time when it typically slows.
A third of homes are finding buyers within a week of hitting the market, up from 30.8% at the end of the summer. This week, Redfin is comparing today's market with the pre-pandemic fall market of 2019 to highlight how hot the market remains, even as most measures are settling into typical seasonal patterns.
"Comparing today's sales and new listings numbers to the 2019 levels helps to reveal the stark shortage of supply we are facing," said Redfin Deputy Chief Economist Taylor Marr. "The boost of housing supply that came on the market during the summer has already faded away, even as demand tapers off as we expected it to in the fall. Relative to the last 'typical' fall of 2019, demand remains steady and strong thanks to the increased urgency many buyers have as mortgage rates inch up. Rising rates also make buyers more price sensitive, so homes that are priced right are increasingly likely to receive offers right away."
Key housing market takeaways for 400+ U.S. metro areas:
Unless otherwise noted, the data in this report covers the four-week period ending October 17. Redfin's housing market data goes back through 2012.
Other leading indicators of homebuying activity:
To view the full report, including charts and methodology, please visit: https://www.redfin.com/news/housing-market-update-pending-sales-up-47pct-from-2019/
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email [email protected]. To view Redfin's press center, click here.
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SOURCE Redfin
Redfin Journalist Services: Ally Braun, 661-312-1050, [email protected]