SEATTLE, July 23, 2021 / PRNewswire / – (NASDAQ: RDFN) —The supply side of the housing market is gradually picking up momentum as homes for sale begin to pile up and pending sales continue on a new continuous and seasonal decline report by Redfin (redfin.com), the technology-based real estate brokerage.

As these two trends continue over the coming weeks, prices will not rise as quickly as they did before and an increasing number of homes for sale will see price falls.

Important findings from the housing market for more than 400 US metropolises:

Unless otherwise stated, this includes data the four-week period ends July 18th. Redfin real estate market data dates back to 2012.

Data based on listed and / or sold houses in the period:

  • The average home purchase price rose 20% year-on-year $ 364,160, a record high.
  • The asking prices for newly listed homes increased by 12% to a median of $ 360,975. This is below the all-time high that ended during the four week period June 27th, and asking prices have been largely unchanged since the end of May.
  • Pending home sales rose 9% year over year, the smallest increase since the end of the four week period June 28, 2020. Outstanding sales decreased 11% over the four-week period to the end of the four-week period 30th May, compared to a 4% decrease over the same period in 2019.
  • New advertisements for houses for sale increased by 2% compared to the previous year. The number of homes listed has ended in a typical seasonal decline of 8% from the 2021 high during the four-week period 23. May, compared to a 12% decrease over the same period in 2019.
  • Active listings (the number of homes available for sale at any point during the period) were down 29% from 2020 – the smallest decrease since the four-week period ended January 17 – and have been since their low in 2021 during the four-week period increased by 10% at the end 7th March.
  • 52% of the apartments under contract had an accepted offer on the market within the first two weeks, well above the 44% in the same period of the previous year, but 5 percentage points less than the annual high, which ends during the four-week period 28th March.
  • 38% of the apartments that were signed received an accepted offer within a week of launch, compared to 32% in the same period last year, but 5.5 percentage points less than the annual high set during the fourth quarter. the end of the week 28th March.
  • Properties that were sold had a median of 15.2 days in the market, up from an all-time low of 15 days held the previous month and less than 37 days a year earlier.
  • 55% of the apartments were sold above the list price, compared to 29% in the previous year. This metric remains on a plateau as it has been 54-55% since the end of the four-week period June 27th.
  • The proportion of properties for sale with price declines rose to 4.3%, thus still exceeding the level of 2020 and approaching the level of 2019 (4.7% at this point in 2019).
  • The average sale-to-list price ratio, which measures how close home sales are to their asking prices, decreased less than a tenth of a percentage point from its peak over the four-week period. July 11th to 102.3%. In other words, the average home sold for 2.3% above asking price. This measure is 3.5 percentage points higher than a year earlier.

Other other leading indicators of home buying activity:

  • Mortgage purchase requests decreased 6% weekly (seasonally adjusted) over the weekend 16th of July. For the weekend 22nd of July 30-year mortgage rates fell to 2.78%, their lowest level since early February.
  • Out January 1st to July 18th, Home tours increased 21% compared to a 48% increase year-over-year, according to Home Tour Company ShowingTime.
  • The seasonally adjusted Redfin Homebuyer Demand Index – a measure of requests for home tours and other services from Redfin agents – declined slightly over the past week July 18th, and was 16% higher than last year.

For the single weekend July 18th4.9% of the offers had price drops at the 2019 level. Price drops are more common in places like Phoenix, Austin and Bending, OR where prices rose fastest due to the influx of Californians during the pandemic.

Even if the proportion of apartments increases with falling prices, total prices continue to rise. Falling mortgage rates, which this week reached their lowest level (2.78%) since the beginning of February, are also contributing to this.

The Redfin Homebuyer Demand Index is still higher than it was a year ago and has seen an upward trend over the past few weeks, suggesting that interest in home buying remains high (property search on Google Trends shows a recent surge as well). However, the number of applications to purchase mortgages is falling. New listing growth, which is still 2% year-over-year, should provide some relief to potential homebuyers.

"As the buyers withdraw, more and more offers come onto the market," said Redfin chief economist Daryl good weather. "I am optimistic that this will create the conditions for a little rain in this drought in the camp. For a homeowner considering selling to buy again, it will be much easier now than it was in March to buy less competitively, and it is still a historically good time to sell. "

Red fins (http://www.redfin.com) is a technology-driven real estate agent, instant home buyer (iBuyer), lender, title insurer, and home renovation company. We sell houses for more money and we charge half the fee. We also run the leading real estate agent website in the country. Our home buyers see homes first on on-demand tours, and our loan and property services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our home renovation team fix their home to sell it for the highest dollar. Since our introduction in 2006, we have more than $ 1 billion at commissions. We serve more than 95 markets in the US and Canada and employ over 4,100 people.

For more information or to contact a local Redfin real estate agent, visit http://www.redfin.com. To learn more about housing market trends and download data, visit Redfin data center. To be added to Redfin 's press release distribution list, email at press@redfin.com. To view the Redfin press center, click here.

source https://seapointrealtors.com/2021/07/25/redfin-reports-low-mortgage-rates-buoy-prices-as-competition-eases-state-news/

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