Second home demand surged
Thanks in part to new remote work policies, many office workers had the ability to work from new locations, including beach houses and ski chalets,
Home
Page 281
Investors bought nearly 1 in 5 houses
In total, Redfin reported that investors bought 18.2 percent of all homes that sold during the third quarter of the year. That’s up from 11/2
Mortgage rates plummeted
In early January, average rates for 30-year fixed mortgages bottomed out at 2.65 percent, which Redfin describes as an all-time low. Source: Freddie Mac, 30-year
Most homes sold for more than their asking price
In June, 56.5 percent of homes sold for more than their listing price. The report describes that figure as a “record high and up 29.6
Days on market hit 15
On average, homes in both June and July sold in just 15 days, which Redfin described as the “lowest median days on market in history
Supply of Homes Falls to 1/38M, Lowest Level in History
This year also saw record-low inventory, with numbers dropping to 1/38 million homes for sale in June on a seasonally adjusted basis. The report blames
The National Median Sale Price Rose to an All-Time High of $386k in 2021
The median home sales price in the U.S. peaked in June at $386,000, which the report describes as an all-time high. That number also represents
(Wall Street Journal subscriber content) The young people who once seemed doomed to rent can afford more house than earlier generations at their age, thanks to high incomes and low mortgage rates. #Millennials
(Wall Street Journal subscriber content) The young people who once seemed doomed to rent can afford more house than earlier generations at their age, thanks
“For those concerned about the loss in purchasing power of money and savings, be assured that real estate has proven to be a good hedge against inflation” NAR Chief Economist Lawrence Yun
“For those concerned about the loss in purchasing power of money and savings, be assured that real estate has proven to be a good hedge
Homeowners are sitting on record home equity: By the end of the third quarter, borrowers had a record $9.4 trillion in tappable home equity collectively, or an average of $178,000 per borrower. That marks a 32% jump year-over-year.
Homeowners are sitting on record home equity: By the end of the third quarter, borrowers had a record $9.4 trillion in tappable home equity collectively,