Redfin, the Seattle-based, technology-powered real estate brokerage is reporting that year-over-year, for the 4-week period ending Sunday, April 18, 2021, the median home-sale price increased 18% to $344,625, setting yet another all-time record high. Providing further evidence of a housing market where demand greatly exceeds supply. According to the report, homes sold in March were on the market for 21 days — the shortest time span between listing and sales since 2012. In fact, 46% of homes sold with one week of hitting the market. At this point high demand is now a direct cause of low inventory. In a statement prepared for the release of the report, Redfin Chief Economist Daryl Fairweather said, “There has been an ongoing debate at Redfin about whether fear of coronavirus infection was keeping homeowners from selling. With a third of American adults now fully vaccinated and still hardly any homes being listed for sale, we’re close to settling that debate. Homeowners are staying put because if they move and buy another home, they will face a very competitive housing market as buyers, and they don’t need to sell to take advantage of record low mortgage rates. They can just refinance their current home. On top of that, builders are struggling to construct new homes given an ongoing lumber shortage. Without more homeowners listing, buyers are scrambling to compete for the limited number of homes on the market, which continues to drive prices up to new heights.”
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