Redfin reports that one third of homes sold in the four weeks went under contract within seven days of hitting the market. The rate has been on the rise for the past six weeks, which is unusual for this time of year when the market typically slows down.
Experts assume the market is heating up due to steady homebuyer demand, and this is proven by the fact home tours are up twice as much from January as they were this time of year in 2019. Still, homes for sale remain few and far between.
“Homes continue to sell quicker and quicker,” said Redfin chief economist Daryl Fairweather. “There are still plenty of homebuyers lying in wait who missed out during the Spring frenzy and they are snatching up homes quickly. Now those homes are selling for near-record prices. The housing market will likely stay hot until mortgage rates rise substantially.”
Key Takeaways:
- One third of homes sold in the past four weeks went under contract within seven days of hitting the market.
- 45% of homes that went under contract accepted an offer within the first two weeks on the market.