Florence, South Carolina 2021-06-16 13:57:35 –
San Francisco (Kron) — The bright red housing market is starting to cool in most parts of the United States, according to a new report from Redfin.It may mean a less stressful home hunting experience
During the pandemic, there is fierce competition for buyers looking for new homes, multiple offers, and many homes are sold well above the asking price. One of the most extreme examples was a house in Berkeley, California. The house went on sale for $ 1 million after receiving a whopping 29 offers.
But Redfin says the market is starting to cool some.
“The leading indicators of activity are now almost cold, not hot,” Redfin authors Tim Ellis and Taylor Marr wrote in their findings. “Home purchase applications have fallen since late March, 7% below the January and February 2020 averages, despite low mortgage rates and easy access to credit. “The report states.
Seasonally adjusted pending sales fell 9.7% from their peak four weeks ago, according to Redfin’s findings, partly due to the expected slowdown on Memorial Day holiday weekends. There is a possibility. Still, there are some bright spots for buyers at the forefront of bidding.
Redfin real estate agent Candice Smith said, “Last month we had to offer at least $ 100,000 to get the coveted key, while offering less than $ 60,000 to the request. Buyers are starting to get a home. “
Still, there are some statistics showing that the market is still hotter than in recent years, and people may want to wait a little longer to take steps to buy.
Last month, Redfin reported that the asking price of newly listed homes rose 14% year-on-year to a record $ 364,725.
Overall, pending home sales are still up 29% compared to 2020, Redfin says.
The red-hot housing market may finally be cooling down Source link The red-hot housing market may finally be cooling down