Bidding wars gained steam as the spring home-buying season got under way, with 61 percent of offers written by Redfin agents facing competition from other buyers in March. That’s up from 57 percent in February, but down slightly from 63 percent in March 2014.
Homeownership fell to its lowest level since 1989, to 63.8 percent. The last time it was this low, gas cost less than $1 a gallon, Paula Abdul was topping the charts and mortgage interest rates were above 10 percent. Millennials like Sara Stevens, 28, might be one reason the rate is so low.
People in the friendliest city in the U.S. can now buy and sell homes with the friendliest real estate agents because Redfin is now serving Charleston!
New home sales in March were far below what most economists expected, reaching a pace of 481,000 a year instead of the anticipated 515,000, the Commerce Department reported. While newly built houses and condominiums make up less than 10 percent of the overall market, they’re important.
As of March 31, nearly 70 percent of houses on the market were stale, meaning they’ve languished unsold for more than a month. A home that’s been sitting for 30 days is more likely to be overpriced, in need of renovation or to have other problems that prevent it from selling.
Redfin couldn’t be happier about serving the good people of Pittsburgh. We love a city where the sports fans are fans win or lose, and the passion for football and hockey are rivaled only by love of music and history.
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