Madness: Homes sold faster than in March


(iStock / Illustration by Kevin Rebong for The Real Deal)

(iStock / Illustration by Kevin Rebong for The Real Deal)

The housing market sets a variety of records.

Fifty-nine percent of households that signed contracts during the four weeks ending March 28 spent less than fourteen days on the market, according to Redfin. This is the highest percentage of fast-selling homes since the brokerage began tracking this information in 2012.

In the last week of this period, 61 percent of households that found buyers did so within two weeks.

The number of houses in the contract was also high, where the seller accepted the offer within one week of listing – 47 percent. Only 33 percent a year ago.

To get into the hands of real estate, buyers usually paid the entire required prices – on average a little more, because the price-to-sale ratio reached a historic high of 100.4 percent. A year ago, it was 2 percentage points lower.

Forty-one percent of households sold for more than their list price. Only a quarter a year ago.

As homes burst, the number of active listings dropped in four weeks. It fell 42 percent from the same period in 2020. The decline was the largest since Redfin began tracking metrics in 2016.

Despite rising prices, declining inventories and mortgage lenders being greedy, interest among buyers remains high. In the week ending March 28, Redfin’s domestic tours and other services rose 148 percent a year ago, when the pandemic briefly froze the market. But even compared to 2019, today’s number is still 57 percent higher.

The median selling price of homes has reached an all-time high of $ 335,613, an increase of 17 percent per year. Demand prices rose to $ 353,500, an increase of 14 percent.

Meanwhile, there were 38 percent more outstanding home sales than a year earlier and 28 percent more than in 2019.

Not every number has grown. Mortgage applications fell 2 percent from the previous week, but have risen 39 percent since the week ending March 26, 2020. are now at their highest level since June.

Redfin chief economist Daryl Fairweather said the decline in the number of homes for sale is linked to growing mortgages leaving some families.

“The first home buyers who are already straining the budget will have to make bigger compromises about size and location or give up renting for another year,” Fairweather said.

He suggested that families look at the less competitive housing market.

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