Category: Coronavirus
Meanwhile, San Francisco has experienced a flood of homes for sale as Americans flee dense, expensive cities. America’s housing shortage was intense before the coronavirus hit, with the number of homes for sale slumping 7% year over year in February. Now it’s even more acute: Supply dropped for the twelfth-straight... Read More
Historically low rates are motivating homebuyers even though prices were up 8.2% year over year in July, effectively cancelling out the 6.9% increase in purchasing power. A homebuyer with a $2,500 monthly housing budget can afford a home priced $33,250 higher than a year ago, thanks to historically low mortgage... Read More
Seemingly Invincible, the Housing Market Posts More Strong Gains—Pending Sales Up 20%, Prices up 11%
Key takeaways for the 4-week period ending August 23: New listings of homes for sale were up 4% from a year ago—the largest increase since the four-week period ending March 15—but active listings continued to fall, down 28% from 2019. Pending home sales rose 20% year over year, even while... Read More
The coronavirus pandemic is exacerbating the trend of moving from expensive coastal areas like San Francisco and New York to affordable inland places like Sacramento, Phoenix and Las Vegas. Portland, OR is also one of the most popular destinations in July after falling off the list in the second quarter. Read More
San Francisco has seen a greater increase in price drops than any other U.S. metro, with the share of sellers slashing prices more than doubling from a year ago as the pandemic drives homebuyers out of the Bay Area. A quarter (24.5%) of San Francisco-area home sellers cut their... Read More
But prices of small homes were up 8.1% year over year in July, compared with 6.7% for large homes, reflecting the continuing importance of affordability for homebuyers. The typical home that sold in the four weeks ending August 16 was 3.7% larger (1,772 square feet) than the typical home that... Read More
Key takeaways for the 4-week period ending August 16: Median home sale prices climbed further to a new all-time high of $316,375, an increase of 11% from 2019 and the largest year-over-year gain since early 2014. Pending home sales were up 15% year over year, and are showing signs of... Read More
A surge in homebuilding before the pandemic is now driving growth in new-home sales. A shift to the suburbs and record-low mortgage rates are also contributing factors. Sales of newly-built homes climbed 10.1% year over year in July, recovering to pre-pandemic levels, while sales of existing... Read More
High-end home prices are showing strength during a recession as the coronavirus pandemic drives demand for extra bedrooms, home offices, big backyards and pools. The median sale price for luxury homes in the U.S. rose 1.2% year over year to $825,000 during the three months ending... Read More
Key takeaways for the 4-week period ending August 9: Home sale prices were up 10% year over year—the largest increase in over six years—to another new all-time high of over $314,000. Prices keep climbing month over month, bucking typical seasonality. 46% of homes had an accepted offer within the first... Read More
Surging homebuyer demand has prompted some sellers to host open houses during the pandemic, but group showings remain much less common than normal due to coronavirus risk, Redfin agents say. Nationwide, 6% of homes that were put up for sale in July held an open house... Read More
There’s more demand—and less supply—for rural and suburban neighborhoods than cities as the pandemic influences homebuyer preferences. Still, prices are up 6.7% in urban areas. The housing market is hottest in less densely populated areas, with July data showing more buyer interest in rural and... Read More