54% of Redfin offers faced competition as the supply of homes for sale and mortgage rates continued to fall in June. Single-family homes and townhouses were much more likely than condos to receive multiple bids.
Even in Washington, DC, which has the highest Black homeownership rate in the U.S., just 51% of Black families own their home, versus more than 70% of white families. In Minneapolis, Milwaukee and Salt Lake City, just one-quarter of Black families own their homes.
The coronavirus pandemic may be accelerating migration patterns that were already in place: Movement away from high-priced coastal cities to affordable inland areas like Phoenix, Sacramento and Las Vegas.