The seasonally adjusted Redfin Homebuyer Demand Index hit a new high of 170 in mid-November.
Demand Accelerating as Supply Decreasing
Redfin’s Homebuyer Demand Index measures demand by the number of requests for home tours and other home-buying offerings from Redfin agents and partners. Even during a time of year when the housing market typically cools off, demand for home tours and other services continued rising for the four weeks ending November 14. Demand hit a level of 170, an increase of +23% y/y.
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Redfin Chief Economist Daryl Fairweather said, “The economy is recovering strongly and mortgage rates are still near all-time lows. Those two forces combined have caused homebuying demand to hit a record high.” Fairweather added, “People who tried to buy a home in the spring are coming back for round two, only to find the market is still quite difficult because of a lack of homes for sale. A lot of homebuyers wish they had bought last year now that it’s not just homes that are more expensive, but also gas, groceries and dining out.”
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Redfin’s Key Takeaways for its 400+ US Metro Areas:
- Median home-sale price jumped +13% y/y to $357,881. This 13% jump was up 30% from the same period in 2019 and up 2.1% from one month earlier
- Asking prices of newly listed homes up +13% y/y to $354,725
- Pending home sales up +7% y/y and up +51% from 2019
- New home listings were down -12% from 4-week period ending October 3, down -3% y/y and up +11% from 2019
- Active listings dropped -22% from 2020 and -41% from 2019
- 45% of homes that went under contract had accepted offers within first two weeks on the market
- 32% of homes that went under contract had accepted offers within one week of going on the market
- Median days on the market came in at 24, more than one week longer than all-time low of 16 days in late June and July
- 44% of homes sold above list price
- 4% of for-sale homes had a price drop
- Average sale-to-list price ratio declined just -0.1 points from 100.6% to 100.5%
Likewise, demand for second or vacation homes remained +70% above pre-pandemic levels during October 2021. This +70% above pre-pandemic levels for second homes is below the January 2021 peak demand level of +91% but well above the August 2021 demand level of +48%.
The more companies solidify their remote-work policies, Redfin’s chief economist Fairweather believes that the longer demand for vacation homes will continue. Fairweather said, “We expect this demand to stay strong as more employers establish permanent guidelines giving workers flexibility to live and work wherever they’d like.”
Thanks to Redfin and MansionGlobal.