SEATTLE
,
March 10, 2022
(press release)
–
The housing market is worked into a frenzy, unfazed by war in Ukraine, a faltering stock market, and fast-rising gas prices Three out of five homes that went under contract during the four week period ending March 6 found a buyer within two weeks, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s an all-time high and comes at the same time as supply shrank to a new low. Recent home sellers also enjoyed the biggest price premiums ever seen this time of year, with the typical home selling for 1.1% above list price. Last year at this time, the typical home sold for 0.3% below list price. The median home sale price shot up 16% year over year to a new high of $369,125. “Homebuyers are in a frenzy,” said Redfin Deputy Chief Economist Taylor Marr. “Buyers are reacting to changes in mortgage rates but are so far unfazed by the war in Ukraine, stock market volatility and rising oil prices. However, these risks are reaching levels that could be dangerous for the economy, and the Fed is on the cusp of raising rates further to cool inflation. The silver lining for housing is that the spike in mortgage rates has paused for now.” Key housing market takeaways for 400+ U.S. metro areas: Unless otherwise noted, this data covers the four-week period ending March 6. 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-homebuying-spike/ 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20220310005853/en/ Contact Redfin Source: Redfin
Redfin Journalist Services:
Kenneth Applewhaite, 206-588-6863
press@redfin.com
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