Number of Homes for Sale Hits All-Time Low, While Median Home Prices Hit Another Record High

Redfin, the Seattle-based, technology-powered real estate brokerage, is reporting that the number of homes for sale hit an all-time low in the week ending November 28, 2021. According to Redfin, during that same period, sustained demand pushed the median home price to another record high, while a third of the homes listed sold in one week or less.

In comments prepared to accompany the news release, Redfin’s Chief Economist Daryl Fairweather said, “The number of homes for sale typically declines another 15% in December. That means that by the end of the year, there will likely be 100,000 fewer homes for sale than there were in February when housing supply last hit rock bottom. I think more new listings will hit the market in the new year, but there will also be a long line of buyers who are queuing up right now.”

“Meanwhile, headlines and new restrictions related to the omicron variant of the coronavirus might fuel some uncertainty and volatility in the economy,” Fairweather added. “In the short term, global interest rates, including mortgage rates, could fall. In this extremely tight housing market, we would quickly see a proportional increase in competition and home prices.”