Current Market Data
“Comparing the RHPI levels in October relative to the resurgence of home buyer interest in June, affordability declined in 24 of the top 50 markets we track.”
Sales in November are still 25.8% higher year over year.
Inventory also reached its lowest point in the report’s history, down 31.8% from the same time last year and down 13.3% from October.
Strong underlying fundamentals shaped the housing market’s remarkable 2020 comeback story and, with a vaccine rollout underway, the stage is set for another strong year in 2021, says First American Chief Economist Mark Fleming.
“Nothing sells like a shortage. We have underbuilt new housing relative to demand for a decade. Building will have to exceed household formation for a number of years to reduce the housing stock ‘debt’ we have accumulated.” — First American Deputy Chief Economist Odeta Kushi
More than half of Redfin listings (54%) experienced bidding wars in November, down only 4 percentage points from the previous month, according to the online broker’s new report.
An ongoing shortage of existing homes on the market has made newly constructed homes especially desirable.
The flight of homeowners from large urban centers to the suburbs has unexpectedly begun to reshape residential real estate, but luxury property in large cities have also gotten a boost from the hot market.
“Much of what makes walkable neighborhoods so desirable and valuable has been diminished this year.” — Redfin chief economist Daryl Fairweather
A new Redfin report shows condos are selling for a record 17% discount to single-family homes as the coronavirus fuels demand for space.