{"id":69881,"date":"2020-08-11T11:30:35","date_gmt":"2020-08-11T18:30:35","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=69881"},"modified":"2022-10-26T13:12:07","modified_gmt":"2022-10-26T20:12:07","slug":"homes-sell-at-record-pace-in-july","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/homes-sell-at-record-pace-in-july\/","title":{"rendered":"Homes Flying Off Market at Record Pace\u201446% Accept an Offer Within 2 Weeks"},"content":{"rendered":"<h2>Key takeaways for the 4-week period ending August 2:<\/h2>\n<ul>\n<li>A record-high share of homes are selling fast: 46% of homes sold within the first two weeks on the market, the highest level since at least 2012 (as far back as our data on this measure goes).<\/li>\n<li>Home sale prices were up 9% year over year to another new all-time high of over $311,000. \u201cThe combination of ultra low inventory, very high buyer demand, and super duper low interest rates is a very successful formula for sellers, not so great for buyers,\u201d said Brian Morales, a Redfin agent in Orange County, California.<\/li>\n<li>Pending home sales were up 10% year over year and have plateaued over the last month, up just 0.2% from the four-week period ending July 5. Sales declined an average of 1.4% over the same period the last two years.<\/li>\n<li>The supply of homes for sale continued to fall; year over year, new listings were down 2.7% and active inventory of homes for sale was down 28%.<\/li>\n<\/ul>\n<h2>Buying a home in July felt like finding toilet paper in April<\/h2>\n<p>Trying to buy a home today is starting to feel similar to searching for hand sanitizer or toilet paper in the early days of the coronavirus pandemic\u2014everything is flying off the shelves faster than it can be restocked.<br \/>\nOf homes that went under contract during the four week period ending August 2, 46% found a buyer within two weeks of hitting the market\u2014the highest level we\u2019ve seen since at least 2012 (as far back as our data is available). During the same period last year, 32% of homes found a buyer within two weeks.<br \/>\n<img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-69885\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-02_off-market-in-2-weeks.png\" alt=\"Homes are Selling Unseasonably Fast\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-02_off-market-in-2-weeks.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-02_off-market-in-2-weeks-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-02_off-market-in-2-weeks-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-02_off-market-in-2-weeks-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><br \/>\nThe average sale-to-list price ratio remained at its record high of 99%&#8211;meaning homes are selling closer than ever to their list price&#8211;up from 98.5% during the same period last year. Homes actively listed for sale during the four weeks ending August 2 had been on the market (age of inventory) for 49 days, the lowest level on record. In other words, the typical home for sale was listed around mid-June. Homes typically take longer to sell after June as the spring homebuying season winds down; last year, the age of inventory increased 6.5 days between early June and early August. But this year, the age of inventory fell at a record pace, down 18 days over the same period.<\/p>\n<h2>Prices keep climbing to new highs<\/h2>\n<p>The median price of homes that sold during the four-week period ending August 2 was up 9% year over year, and hit a new all-time high of $311,403.<br \/>\n<img decoding=\"async\" class=\"aligncenter size-full wp-image-69884\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-02_median-price.jpg\" alt=\"Home Sale Prices Climb Steadily Upward\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-02_median-price.jpg 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-02_median-price-300x225.jpg 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-02_median-price-1024x768.jpg 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-02_median-price-768x576.jpg 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><br \/>\nDuring just the last week of the period, the median home sale price hit $316,614, up 11% from a year earlier. Home price gains over the past month have been unseasonably strong. Last year home prices fell 1.7% from the first week of July to the first week of August, but this year price increased 3.5% over the same timeframe.<br \/>\n\u201cHands down, interest rates are the major driving factor in home prices right now,\u201d said <a href=\"https:\/\/redfin.com\/real-estate-agents\/brian-morales\">Orange County Redfin agent Brian Morales<\/a>. \u201cAffordability with interest rates below 3% is key. The combination of ultra low inventory, very high buyer demand, and super duper low interest rates is a very successful formula for sellers, not so great for buyers.\u201d<\/p>\n<h2>Demand is unseasonably strong<\/h2>\n<p>The seasonally adjusted Redfin Homebuyer Demand Index was up 29% from pre-pandemic levels in January and February. Pending home sales were up 10% compared to a year earlier, even though they only increased 0.2% between the four-week periods ending July 5 and August 2. During this same time in 2018 and 2019 pending sales declined an average of 1.4%.<br \/>\n<img decoding=\"async\" class=\"aligncenter size-full wp-image-69882\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-02_pending-sales.jpg\" alt=\"Pending Sales Still Showing Strong Gains\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-02_pending-sales.jpg 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-02_pending-sales-300x225.jpg 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-02_pending-sales-1024x768.jpg 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-02_pending-sales-768x576.jpg 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><br \/>\n\u201cNormally this time of year the market would be slowing down,\u201d said <a href=\"https:\/\/redfin.com\/blog\/author\/darylfairweather\/\">Redfin chief economist Daryl Fairweather<\/a>. \u201cBut given that mortgage rates keep falling to new lows, and more people are just now getting clarity on how often they can work remotely and whether their kids will be going back to school this year, we are likely to see an unseasonably busy fall and even winter.\u201d<\/p>\n<h2>Supply keeps on slipping away<\/h2>\n<p>The lack of homes for sale means homebuyers are finding that if they want to win a bidding war they have to make aggressive offers. \u201cI helped one of my buyers win a home by putting in an offer with an escalation clause (which automatically increases the offer price up to a predetermined maximum relative to the next-highest bid) just a few hours after it hit the market,\u201d said <a href=\"https:\/\/redfin.com\/real-estate-agents\/danielle-parent\">Cleveland Redfin agent Danielle Parent<\/a>. \u201cThis was \u2018the\u2019 house for my buyers\u2014the one they really wanted. We went 4% over list price and beat the next-highest offer by $100.\u201d<br \/>\nThe number of new listings is still down 2.7% from 2019 for the four-week period ending August 2, and active inventory of homes for sale was down 28%, falling to the lowest point since the National Association of Realtors and the government began tracking this data in 1999.<br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-69883\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-02_active-listings.png\" alt=\"Active Listings of Homes For Sale Keep Declining\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-02_active-listings.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-02_active-listings-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-02_active-listings-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-02_active-listings-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><br \/>\n\u201cWe should have had a delayed flood of new listings from March and April when the shutdown ended, but they never came,\u201d said <a href=\"https:\/\/redfin.com\/real-estate-agents\/carmen-petersen\">Austin-based Redfin listing agent Carmen Petersen<\/a>. \u201cFor home owners who are thinking of selling and buying something else, it\u2019s a daunting prospect because of how difficult the market is right now for buyers. Another reason potential home sellers may be reluctant is because they aren\u2019t comfortable having buyers coming into their house while they\u2019re living there\u2014most of the houses that we\u2019re seeing on the market are vacant.\u201d<\/p>\n<h2>Interest rates will likely continue to prop up homebuyer demand in a uncertain economy<\/h2>\n<p>With the Federal Reserve planning even more actions aimed at stimulating the economy, interest rates are likely to remain low for years, continuing to prop up demand from homebuyers for the foreseeable future, but the long term health of the overall economy is the wildcard.<br \/>\n\u201cEven though housing has strengthened throughout the pandemic, the U.S. economy is still in a precarious place and at risk of getting worse,\u201d continued Fairweather. \u201cIf it does get worse, that could eventually hurt the housing market, and even record-low mortgage rates couldn&#8217;t help that.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Trying to buy a home today is starting to feel similar to searching for hand sanitizer or toilet paper in the early days of the coronavirus pandemic\u2026<\/p>\n","protected":false},"author":13505,"featured_media":69905,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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