Redfin Reports Housing Sales and Home Prices Continue to Grow

According to Redfin, the Seattle-based real estate brokerage, for the four-week period ending August 23^rd, the U.S. housing market experience strong sales and price growth, with the seasonally adjusted Redfin Homebuyer Demand Index (RHDI) up 29% from pre-pandemic levels in January and February. The number of new listing was up 4.1%, the strongest gain since March, but still down -28% year-over-year. Pending home sales for the same four-week period were up 20%, in spite of an ongoing seasonal decline. Home prices were up 11% from a year earlier for the same time period. Because growth in home-buying demand continues to dwarf growth in supply, there seems to be no end in sight to the upward pressure on home prices.