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‘Quicker and Quicker’: Homes Selling at Blistering Pace

New Homes

In a time of the year when the market typically slows, a new report from Redfin [1] found that 33% of homes sell within a week of hitting the market—a number that has been on the rise for the last six weeks. 

Redfin Analyst Tim Ellis [2] attributed the rise to homebuyer demand, which has remained steady and strong over the last few weeks. Home tours are also up 7% since January which is a 20% increase year-over-year. 

Largely fueled by a lack of supply (down 8% since last year), a third of pending sales (33%) were under contract within a week, up 3% from the same period last year. 45% of homes sold within two weeks.  

“Homes continue to sell quicker and quicker,” said Redfin Chief Economist Daryl Fairweather [3]. “There are still plenty of homebuyers lying in wait who missed out during the Spring frenzy, and they are snatching up homes quickly. Now, those homes are selling for near-record prices. The housing market will likely stay hot until mortgage rates rise substantially.” 

In addition, Redfin says that the median home-sale price increased 13% year-over-year to $358,125. This is up 30% from the same period in 2019. e

The report also found: 

A full copy of the report can be viewed here. [4]