Redfin: December Pending Home Sales Outpaced New Listings
In December, typically one of the slowest months of the year for the housing market, pending home sales across the nation rose 35 percent, and new listings increased by 14 percent, according to Redfin.
The data demonstrates that winter didn’t have its usual chilling effect on demand. The persistent momentum of the market is largely due to historically-low mortgage interest rates.
Redfin Chief Economist Daryl Fairweather had this to say: “The December housing market felt more like spring than winter. Right now homebuying demand is seemingly endless, and although new listings are up from a year ago, it’s not nearly enough to keep up with demand. This inventory shortage is especially dire in places that have become hot migration destinations during the pandemic.”
Many buyers are flocking to suburbs. In April and May, data from Redfin showed that 27 percent of more than 1 million homebuyers on its site sought to move to smaller metro areas. Good to know as you scout for your next flip.
Redfin also reported that page views of homes for sale in towns populated with less than 50,000 residents saw a traffic surge of 87 percent year over year in May—nearly four times the 22 percent year over year increase in page views of homes located in cities with over 1 million residents.
In late June a report from Realtor.com showed that homebuyers in more than half of the nation’s 100-biggest metro areas focused their attention on the suburbs in those areas. The site’s listing views for suburbs during the month of May surpassed its views in the same category last year.
As house flippers you may be pleased to know that in each of the 85-largest metro areas tracked by Redfin median home prices increased. The national median home sale price rose by 13 percent year over year to $334,300 in December, and home sales increased 16 percent from the year prior.
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