According to national real estate agent Redfin, the number of homes for sale for the week ending November 28, 2021, was higher than ever.
“The number of homes for sale typically drops 15% in December,” said Daryl Fairweather, Redfin chief economist. “This means that by the end of the year, 100,000 fewer homes are expected to be sold than in February when the supply of homes hit a low point. I think there will be more new offers in the new year. but there will also be a long line of buyers. “
“In the meantime, new measures and restrictions on the Omicron version of the coronavirus could create uncertainty and volatility in the economy,” Fairweather continued. “In the short term, global interest rates, including mortgage rates, could fall. In this very tight real estate market, we would quickly see a corresponding increase in competition and real estate prices.”
Highlights of the real estate market for over 400 metropolitan areas in the USA:
- Average home sales hit a new high of $ 360,375, up 14% year over year. This is an increase of 31% over the same period in 2019 and 1.5% over the previous month, far more than the increase of 0.2% in the same period of the year.
- Listing prices for newly listed homes rose 12% year over year and 27% year over year to an average of $ 349,750.
- Pending home sales increased 8% year over year and 49% year over year.
- New home stock for sale decreased 4% year-over-year but increased 12% year-over-year.
- During the seven days ending November 28, active prices dropped to new full times. In the four weeks, active registrations decreased by 23% compared to 2020 and 42% compared to 2019.
- 45% of the connected apartments on the market had an acceptable supply in the first 14 days, compared with 39% in the previous year and 28% in 2019. From the quadrennium to September 19, the proportion of apartments that were used by the 14 days increase was occupied by 2.3 percentage points. In the same period of 2019, the title lost 3.1 points.
- In 33% of the participating apartments, an offer was accepted within one week of market launch, compared to 27% in the same period last year and 18% in 2019. From four weeks to September 12, if share housing construction contracts increased 2.9 percentage points in one week. In the same period of 2019, the title lost 2.3 points.
- The average number of apartments sold remained on the market for 25 days, compared to 31 days in the previous year and 46 days in 2019.
- 43% of the apartments were sold above the list price, compared to 35% in the previous year and 21% in 2019.
- On average, the number of apartments for sale per week fell by 3.8%, 0.7 percentage points more than in the same period in 2020 and 0.2 percentage points more than in the same period in 2019.
- The average price-to-list price ratio, which measures the development of home sales at the asking price, was 100.5%. In other words, the average home sold 0.5% more than the asking price.
- In the week ending November 26, mortgage loan purchases were up 5% weekly (seasonally adjusted). For the week ending November 24, 30-year mortgage rates were unchanged at 3.1%.
- Tour activity through November 21 is about 1 percentage point lower than it was in 2019 compared to the first week of January, according to ShowTime, a home touring tech company.
- Redfin’s Buyer Demand Index fell 7% for the week ending November 28 but rose 9% year over year.