Redfin has released a report on the US housing market, showing all-time highs in almost every category. Pending sales are up 28%, new listings are finally on the rise with 9%, and the opinion that this might not be the best time for first-time buyers.
Redfin chief economist Daryl Fairweather, explained:
“Rising prices are just one more reason for people to leave expensive urban neighborhoods behind. The sudden rise of remote work has allowed homebuyers who are priced out of one neighborhood to expand their search to more affordable areas. In turn, they are pushing up home prices in those relatively affordable areas, causing more people to look to even more affordable areas, and so on. Price growth may slow in 2021, but even if it does, high prices are going to continue to make affordability a concern for buyers.”
Highlights from the report
Covering 434 US metro areas in the 4-week period ending September 6:
- Median home sale price increased by 13% year-over-year. The highest on record.
- Pending home sales up 28% year-over-year. The largest increase since 2015.
- New listings up by 9% year-over-year. The largest increase since 2015.
- The average sale-to-list price ratio rose by 99.3%. The highest on record.
- Redfin Homebuyer Demand Index is up 21% year-over-year.