During the past month, more than 50% of new listings found buyers within 2 weeks.
Homes Selling at Fastest Pace on Record
According to a just released report from Redfin, new property listings sold at the fastest pace on record over the last month. During the four-week period ending February 20, Redfin discovered that 57% of properties listed were sold within two weeks of hitting the market.
Simultaneously, 44% of the contracted homes had an accepted offer within one week of listing dates.
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Record-High Asking Prices
Not only are listings selling at the fastest pace ever, asking prices on these listings soared +16% y/y to $381,000. This $381,000 listing price was +26% more than listing prices during the same week pre-pandemic.
New Listing Supplies Drop to a New Low
The driver of soaring home costs and the record pace of sales is the seemingly omnipresence of low housing inventory. The overall supply of new listings hit a record low of just 447,000 during this 4-week period ending February 20. Seasonally adjusted new listings dropped -12.4% m/m.
Pending sales suffered, a drop of -2.7% across over 400 US metro markets, due to the inventory shortage. Demand, however, persisted and sales jumped +7.5%.
Glenn Kelman, Redfin CEO, said, “We believe the inventory crunch will ease in the summer as rates rise, but may not go away in 2022. We’re well aware of the economic pressures on homebuyers, but so many people are still so desperate to move that sales for now are still mostly constrained by inventory, not prices or even mortgage rates.”
According to Taylor Marr, Redfin deputy chief economist, “The acute shortage of new listings of homes for sale is the biggest problem the housing market faces right now. If you think of the housing market like a bathtub, water (supply of homes for sale) is flowing down the drain (buyers sucking up supply) faster than new water (new listings) is coming in through the faucet.”
Marr continued, “Rising mortgage rates may slow the drain down a bit (cool demand) as record-high monthly payments take a toll on buyers’ budgets. Bottom line: Without a flood of new listings, we will be sitting in a very shallow bath for a while.”
Prices and Competition
Nationally, as we wrote up top, prices rose +16% y/y to $381,000. However, here are the metros where home prices rose the most:
- North Port FL – +32% since last year to $428,950
- Austin TX – +31.6% y/y
- Phoenix AZ – +28.6% y/y
- Raleigh NC – +28% y/y
- Salt Lake City UT – +27.2%
Just one metro, Bridgeport CT, experienced a home price decline of -2.3% in January.
In terms of competition, markets experiencing the most bidding wars included the following:
- San Jose CA – 76.1% sold above list price
- Oakland CA – 73.8% sold above list price
- Anaheim CA – 62.6% sold above list price
- Buffalo NY – 61.9% sold above list price
- Rochester NY – 61.2% sold above list price
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Metro areas experiencing year-over-year sales growth during this four-week period ending February 2022 included:
- Honolulu HI – +26.0% y/y
- Miami FL – +10.2% y/y
- Tulsa OK – +9.7% y/y
Metros with declining sales growth included:
- Fresno CA – -28.6% y/y
- Seattle WA- -22.1% y/y
- San Francisco CA – -20.3% y/y
Thanks to Redfin and MansionGlobal.