Housing Market Continues to Heat Up in June

According to a report from Redfin CEO Glenn Kelman, demand for houses continues to skyrocket. Seasonally adjusted demand for houses during the week ending Sunday, June 7^th was 25% above pandemic levels. Kelman went onto say that bidding wars have caused listing to move quickly, and sales prices are up 3.1% year-over-year. The percentage of newly listed homes to accept an offer within 14 days increased from 42% in May to 47% in June. The number of new home listing is also improving. To that point Kelman said, “After falling to 21% below last year’s level for the week ending May 31^st, new listings last week (week ending 6/7) continued their recovery; last week’s new listings were 15% below last year’s level.”