Houses For Sale: Now You See Them, Now You Don’t
That’s how many homes were sold within two weeks of being listed recently, marking a new record high for the frenetic housing market, new research shows.
In the four weeks through Feb. 7, over half of the homes in the 400 U.S. metro areas tracked by real estate brokerage Redfin went under a contract within two weeks of being put on the market. The 52% was the biggest share Redfin has recorded for a four-week period since it began tracking that data in 2012. In fact, in the final week of that period, the figure surged to 57%.
Demand among homebuyers has soared despite surging sale prices, fueled by ultra-low mortgage rates and the desire for space amid the pandemic. As demand outstrips supply, those homes that do make it on the market don’t last long.
"There is a serious lack of new listings, and although prices are through the roof, homeowners are reluctant to sell, because it's so hard to buy again unless you are moving to a less expensive area where you can afford to outbid other buyers," said Daryl Fairweather, chief economist at Redfin.