Redfin Reports For-Sale Home Supply Hits All-Time Low
Home prices hit a new all-time high as it became even more common for homes to find buyers within one week
SEATTLE, Dec. 1, 2021 /PRNewswire/ -- (NASDAQ: RDFN) — The number of homes for sale hit an all-time low during the week ending November 28, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. During that period, sustained demand pushed the median home price to another record high, and a third of homes sold in one week or less.
"The number of homes for sale typically declines another 15% in December," said Redfin Chief Economist Daryl Fairweather. "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 continued. "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."
Key housing market takeaways for 400+ U.S. metro areas:
Unless otherwise noted, this data covers the four-week period ending November 28. 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:
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 firstname.lastname@example.org. To view Redfin's press center, click here.
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Company Codes: NASDAQ-NMS:RDFN
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