Overall, the real estate market in the US is hitting a lot of records. Although the Covid-19 pandemic affected a lot of areas in the economy, real estate was one of the few areas that has benefitted. According to Redfin, U.S. home sale price increased 15% year over year to $318,750. Not only that, but 52% of new listings are going under contract within two weeks. This is because there are significant inventory shortages in most markets.
Although real estate prices continue to rise in a lot of U.S markets, there is very high demand. However, there is a lack of new listings. A lot of sellers are reluctant to sell because it’s so hard to buy again unless you are moving to a less expensive area where you can afford to outbid other buyers. Overall, the real estate market continues to break records. Here are some key takeaways from Redfin’s report:
(These are based on more than 400 U.S. metro areas during a 4-week period ending February 7, 2021)
- Asking prices of newly listed homes were up 10%. They hit a new all-time high of $334,770.
- Year over year, pending home sales were up 29%.
- Number of active listings went down 37% from 2020.
- 52% of homes that went under contract had an accepted offer within the first two weeks on the market.
Read more: https://www.worldpropertyjournal.com/real-estate-news/united-states/seattle/real-estate-news-redfin-2021-housing-market-reports-daryl-fairweather-average-days-homes-are-on-the-market-before-selling-in-2021-covid-19-impact-on-h-12375.php
Redfin Data: https://www.redfin.com/news/housing-market-update-over-half-of-homes-sold-in-2-weeks/
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