SEATTLE
,
March 24, 2022
(press release)
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Homes sell even faster as dwindling supply and rapidly rising mortgage rates fuel fierce competition Housing prices jumped the most since summer 2021—up 17% year over year to a new high, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. At the same time, a 7% drop in new listings kept homebuyer competition elevated amid rapidly rising mortgage rates. Nearly 3 in 5 homes were snapped up within two weeks, an all-time high, and half sold for over the asking price. “With so much uncertainty in the world and economy, it makes sense that homeowners are staying put,” said Redfin Chief Economist Daryl Fairweather. “High prices and rising mortgage rates are a strong impediment even for homeowners who would ideally like to move to a better home. First-time homebuyers, on the other hand, are still seeking the security of homeownership despite the chaos of this market.” Key housing market takeaways for 400+ U.S. metro areas: Unless otherwise noted, this data covers the four-week period ending March 20. Redfin’s housing market data goes back through 2012. Other leading indicators of homebuying activity: To view the full report, including charts and methodology, please visit: https://www.redfin.com/news/housing-market-update-home-prices-rise-most-since-summer. About Redfin Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people. For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here. Redfin Journalist Services: Source: Redfin Released March 24, 2022
View source version on businesswire.com: https://www.businesswire.com/news/home/20220324005841/en/
Kenneth Applewhaite, 206-588-6863
press@redfin.com
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