Homebuyers Undeterred by Declining Listings
You can’t stop the housing market, you can only hope to contain it! New data from Redfin shows that homebuyers are undeterred by declining listings.
New listings saw the largest decline since June with a 10% drop from a year earlier.
- This didn’t stop homebuyers because pending home sales were up 32% year over year.
- 40% of homes that went under contract had an accepted offer within the first two weeks on the market.
Thanks to all-time low levels of inventory the median home sale price increased 15% year over year to $318,750
Redfin chief economist Daryl Fairweather said in a statement, “Even with prices soaring and the number of homes for sale at an all time low, homebuyers are moving as quickly as they can to buy every home that comes on the market”
So it looks 2021 is picking up right where 2020 left off. It is a good time to be a seller.