Housing Market Update: Homebuying Demand Lets Up a Bit as Prices Soar
Redfin’s Homebuyer Demand Index was down 14% from its peak 9 weeks ago, and pending sales have declined 10% from their early May peak.
Taylor Marr is the deputy chief economist on the research team at Redfin. He is passionate about housing and urban policy and an advocate for increased mobility and affordability. He laid the framework for our migration data and reports and diligently tracks the housing market and economy. Before Redfin, Taylor built financial market index funds for Vanguard at the University of Chicago. Taylor went to graduate school for international economics in Berlin, where he focused on behavioral causes of the global housing bubble and subsequent policy responses. Taylor’s research has been featured in the New York Times, the Wall Street Journal, and The Economist. He was also recently the President of the Seattle Economics Council and collaborates frequently with the Fed, HUD, and the Census Bureau. Follow him on Twitter @tayloramarr or subscribe to his weekly newsletter on Substack here: https://taylormarr.substack.com
Email TaylorRedfin’s Homebuyer Demand Index was down 14% from its peak 9 weeks ago, and pending sales have declined 10% from their early May peak.
Home prices were up 24%, a record high due to the dip in home prices at the start of the pandemic a year earlier.
Pending sales dipped during the week that began with the holiday, and other leading indicators show signs of slight cooling in the market.
Many renters who were planning a purchase in the next few years, have opted to go ahead and buy now given historically low rates.
The impacts of the coronavirus pandemic are rippling through nearly every segment of the economy and the housing market is no exception.
In order to more accurately represent the national housing market trends, we made some changes to our national housing data methodology.
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