Demand Eases a Bit While Bidding Wars Remain Fierce

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Key Highlights

  • Home tours, offers and pending sales slowed a bit in late May to early June
  • 7 in 10 offers faced fierce competition in now expected bidding wars

Demand Softening as Prices Skyrocke

During the four-week period ending June 13, Redfin’s Homebuyer Demand Index fell some -14% from its peak nine weeks prior and pending sales dropped -10% from their peak in early May 2021.

New listings, however, held up while inching closer and closer to 2019 levels.

Home Sale Prices Soared +24% Year-over-Year

The median sale price of home sold hit $358,766 on June 13, 2021.  This $358,766 represents a median sale price increase of +24% y/y.  It also represents a record high.

Asking prices on newly listed homes increased +14% y/y to $363,450.

Key Market Indicators on Listed/Sold Homes in 4 Weeks Ending June 13 2021

  • Pending sales for the week ending June 19 were down -9.8% from their peak during the week ending May 2, 2021…however, pending sales were up +26% y/y when the housing market was essentially frozen
  • New listings were up +9% y/y and now only 3% below pre-pandemic levels
  • Active listings dropped -35% y/y and have remained flat since late February
  • Days on the market fell to a median of 15 days, a new all-time low
    • 56% of homes under contract had an accepted offer within 14 days
    • 43% of homes under contract had an accepted offer within 7 days of hitting the market
  • Average sale-to-list price ratio increased to 102.2%, an all-time high
  • Mortgage purchase applications up +2% week/week ending June 11
  • 30-year mortgage rates fell to 2.93% during week ending June 17, the lowest rate level since February 25
  • Drop in home touring over Memorial Day weekend larger than drop in 2020 or 2019 and rebound weaker, according to Showing Time

Despite mortgage purchase applications rebounding +2% week/week, lack of affordability is taking its toll on some buyers’ abilities to come up with the necessary dollars to buy regardless of their borrowing funds from family members and friends to do so.

 

Thanks to Redfin and Showing Time.

 

 

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