According to a recent Redfin report, 44 percent more homes are pending sale than a year ago, but only 3 percent more homes recently hit the market. The imbalance between the number of homes for sale and the number of buyers means the market pace is picking up at a time when it typically slows, Redfin said.
A third of homes are finding buyers within a week of hitting the market, up from 30.8 percent at the end of the summer.
According to Redfin’s analysis of the four-week period ending Oct. 17, the median home-sale price increased 13 percent year-over-year to $355,875 and increased 29 percent from the same period in 2019.
“Comparing today’s sales and new listings numbers to the 2019 levels helps to reveal the stark shortage of supply we are facing,” Redfin Deputy Chief Economist Taylor Marr said in a release. “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.”
Asking prices of newly listed homes were up 12 percent year-over-year and up 26 percent from 2019 to a median of $362,335, down 1 percent from the all-time high set during the four-week period ending Oct. 3. Asking prices typically increase in September and then begin to decline in October through the end of the year, according to Redfin.
Pending home sales were up 3 percent year-over-year and up 47 percent compared with the same period in 2019. New listings of homes for sale were down 8 percent year-over-year and up 5 percent from 2019. Active listings fell 22 percent from 2020 and were down 40 percent from 2019.
According to Redfin, 46 percent of homes that went under contract had an accepted offer within the first two weeks on the market, up from 42 percent a year earlier and 31 percent in 2019, and 33 percent had an accepted offer within one week, up from 30 percent a year earlier and 20 percent in 2019.
Almost half (45 percent) of homes sold above list price, up from 34 percent a year earlier and 22 percent in 2019.