Housing Market Speeding Up — Uncommon for this Time of Year

Redfin, the Seattle-based technology-powered real estate company, is reporting that during the four-week period ending October 28, 2021, one-third of homes sold in that period went under contract within seven days of hitting the market. This rate has been on the rise for the past six weeks, during a time of year when the market typically slows down.

Redfin further speculates that it is likely the market is speeding up now because homebuyer demand is holding steady and strong; home tours are up twice as much from January as they were at this time in 2019. Yet, homes for sale remain few and far between.

In addition, Redfin says that the median home-sale price increased 13% year-over-year to $358,125. This is up 30% from the same period in 2019.

In a statement prepared for the release of the report, Redfin’s Chief Economist, Daryl Fairweather said, “Homes continue to sell quicker and quicker. There are still plenty of homebuyers lying in wait who missed out during the Spring frenzy, and they are snatching up homes quickly. Now those homes are selling for near-record prices. The housing market will likely stay hot until mortgage rates rise substantially.”