Homes are Selling Faster Pace This Fall Compared to End of Summer

Redfin, the Seattle-based technology powered real estate brokerage firm, released today (10-22-21) their new analysis of home sales data. Redfin is comparing today’s market with the pre-pandemic fall market of 2019 to highlight how hot the market remains, even as most measures are settling into typical seasonal patterns.

According to that data, 44% more homes are pending sales than it this time in 2019. However, only 3% more homes recently hit the market for sale and that is down from -12% growth over 2019 from just seven weeks prior. Of greater interest is that a third of the homes for sale are finding buyers within a week of hitting the market. That is up from 30.8% at the end of this summer.

In remarks prepared to accompany the analysis, Redfin’s Chief Economist Taylor Marr said, “Comparing today’s sales and new listings numbers to the 2019 levels helps to reveal the stark shortage of supply we are facing. The boost of housing supply that came on the market during the summer has already faded away, even as demand tapers off as we expected it to in the fall. Relative to the last ‘typical’ fall of 2019, demand remains steady and strong thanks to the increased urgency many buyers have as mortgage rates inch up. Rising rates also make buyers more price sensitive, so homes that are priced right are increasingly likely to receive offers right away.”