Current Market Data
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As the housing market heated up this summer, selling to an iBuyer became a less attractive option for many profit-minded homeowners.
“Comparing the RHPI levels in October relative to the resurgence of home buyer interest in June, affordability declined in 24 of the top 50 markets we track.”
Sales in November are still 25.8% higher year over year.
Inventory also reached its lowest point in the report’s history, down 31.8% from the same time last year and down 13.3% from October.
Strong underlying fundamentals shaped the housing market’s remarkable 2020 comeback story and, with a vaccine rollout underway, the stage is set for another strong year in 2021, says First American Chief Economist Mark Fleming.
The report noted that 29.4% of Redfin.com users nationwide looked at relocating to another metro area in October and November — that’s up from 25.4% last year.
November building permits up 6.2 percent from October
More than half of Redfin listings (54%) experienced bidding wars in November, down only 4 percentage points from the previous month, according to the online broker’s new report.
An ongoing shortage of existing homes on the market has made newly constructed homes especially desirable.