PR Newswire
SEATTLE, Aug. 6, 2021
SEATTLE, Aug. 6, 2021 /PRNewswire/ -- (NASDAQ: RDFN) -- At $362,750, the median home-sale price did not set a new record high for the first time since early March, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Instead, it was flat (-0.2%) from the four-week period ending July 25 and up 18% from a year earlier.
Key housing market takeaways for 400+ U.S. metro areas:
Unless otherwise noted, this data covers the four-week period ending August 1. Redfin's housing market data goes back through 2012.
Other other leading indicators of homebuying activity:
Trends for home prices, sales and new listings are starting to resemble the patterns Redfin typically expects for this time of year, which is news after a year of unpredictable and insatiable demand for homes. Measures of competition and home-selling speed are plateauing—at 54% of homes selling above list price and about half under contract within two weeks—as pending sales slide and new listings climb. Mortgage rates are back below 2.8%, a level that Redfin hasn't seen since the winter. If these trends continue, homebuying conditions will likely improve (relative to earlier in the summer), with more options and less competition for homebuyers.
"Although homes are much pricier than they were before the pandemic, homebuyers now have the benefit of very low mortgage rates and a little less competition than they faced earlier in the summer," said Redfin Chief Economist Daryl Fairweather. "This week a young first-time buyer with a FHA loan had her offer accepted on a home near Myrtle Beach, SC, after losing out in five bidding wars. I am hopeful that more opportunities like this will arise in the coming weeks if things continue to stabilize."
To view the full report, including charts and methodology, please visit:
https://www.redfin.com/news/housing-market-update-buying-conditions-improve/
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here.
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SOURCE Redfin
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