{"id":70113,"date":"2020-09-01T06:00:04","date_gmt":"2020-09-01T13:00:04","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=70113"},"modified":"2022-10-26T13:11:54","modified_gmt":"2022-10-26T20:11:54","slug":"housing-market-posts-more-strong-gains","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-posts-more-strong-gains\/","title":{"rendered":"Seemingly Invincible, the Housing Market Posts More Strong Gains\u2014Pending Sales Up 20%, Prices up 11%"},"content":{"rendered":"<h2>Key takeaways for the 4-week period ending August 23:<\/h2>\n<ul>\n<li>New listings of homes for sale were up 4% from a year ago\u2014the largest increase since the four-week period ending March 15\u2014but active listings continued to fall, down 28% from 2019.<\/li>\n<li>Pending home sales rose 20% year over year, even while continuing their near-term seasonal descent. This was the largest year-over-year increase since the four weeks ending October 25, 2015.<\/li>\n<li>Median home sale prices increased 11% from 2019 to an all-time high of $316,975.<\/li>\n<li>46.6% of homes had an accepted offer 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<\/ul>\n<h3>New listings posted largest gain since the pandemic began<\/h3>\n<p>The <a href=\"https:\/\/redfin.com\/us-housing-market\">U.S. housing market<\/a> heated up even more, with home prices and measures of competition charging ahead, unfazed by seasonality during the four-week period ending August 23 with strong sales and price growth. The seasonally adjusted Redfin Homebuyer Demand Index was up 29% from pre-pandemic levels in January and February. The biggest change from recent weeks is the number of new listings, which were up 4.1% from a year earlier\u2014the strongest gain since March.<br \/>\n<img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-70119\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-23_new-listings.png\" alt=\"New Listings of Homes Slightly Higher than Last Year\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-23_new-listings.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-23_new-listings-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-23_new-listings-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-23_new-listings-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><br \/>\nHowever, the number of homes actively listed for sale during the period was still way down (28%) from the same period a year ago. Active listings have been down 20% or more from a year earlier ever since the four week period ending May 31.<br \/>\n<img decoding=\"async\" class=\"aligncenter size-full wp-image-70117\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-23_active-listings.png\" alt=\"Active Listings of Homes For Sale Declining Steadily\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-23_active-listings.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-23_active-listings-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-23_active-listings-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-23_active-listings-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><br \/>\n\u201cA lot of the homebuyers I\u2019m working with also have a home they need to sell, but they feel stuck,\u201d said <a href=\"https:\/\/redfin.com\/real-estate-agents\/melissa-killham\">Milwaukee-area Redfin agent Melissa Killham<\/a>. \u201cLow inventory and a competitive market is making potential sellers afraid to put their house up for sale. They are worried that they won\u2019t be able to buy a home using an offer that\u2019s contingent on the sale of their current home, or that if they sell first, their home will sell before they find something to buy and they\u2019ll have nowhere to live in between.\u201d<\/p>\n<h3>Largest annual increase in pending home sales since October 2015<\/h3>\n<p>Pending home sales for the four-week period were once again much higher than the same time in 2019, up 20% despite an ongoing seasonal decline over the past few weeks. This was the largest year-over-year increase in pending sales since the four weeks ending October 25, 2015.<br \/>\n<img decoding=\"async\" class=\"aligncenter size-full wp-image-70115\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-23_pending-sales.png\" alt=\"Pending Sales Much Higher Than Year Earlier\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-23_pending-sales.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-23_pending-sales-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-23_pending-sales-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-23_pending-sales-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><br \/>\nBecause growth in homebuying demand (as measured by pending sales, up 20%) continues to dwarf growth in supply (as measured by new listings, up 4%), there seems to be no end in sight to the upward pressure on home prices.<br \/>\n\u201cMore new listings are hitting the market than a year ago, but homebuyer demand is outstripping it,\u201d said <a href=\"https:\/\/redfin.com\/real-estate-agents\/timothy-maller\">Baltimore Redfin agent Tim Maller<\/a>. \u201cThere was a brief lull during the height of the coronavirus outbreaks, but now the number of new listings of homes for sale is back to normal. On the flip side, there are a lot more buyers looking right now than we would typically see.\u201d<\/p>\n<h3>Prices keep pushing higher and higher<\/h3>\n<p>Home price trends since June are best described by <a href=\"https:\/\/www.youtube.com\/watch?v=mzDVaKRApcg\">Jackie Wilson: \u201cHigher and Higher\u201d<\/a>. Prices were up 11% from a year earlier for the four-week period ending August 23. In 2018 and 2019, the median home sale price peaked during the four-week period ending in the first week of July, declining 2.4% and 1.9% between that period and mid-August. This year over that same period home prices have increased 5.6%.<br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-70118\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-23_median-price.jpg\" alt=\"Home Sale Prices Keep Climbing, Hitting New Highs\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-23_median-price.jpg 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-23_median-price-300x225.jpg 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-23_median-price-1024x768.jpg 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-23_median-price-768x576.jpg 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<h3>The market for homebuyers keeps getting tougher<\/h3>\n<p>Buyers in the market today will find homes selling more quickly and closer to list price than ever before. Of homes that went under contract during the four weeks ending August 23, 46.6% 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, 32.5% of homes found a buyer within two weeks.<br \/>\n\u201cThis market is really squeezing first-time homebuyers at lower price points pretty hard,\u201d added Maller.<br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-70114\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-23_off-market-in-2-weeks.png\" alt=\"Homes are Selling Faster Every Week\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-23_off-market-in-2-weeks.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-23_off-market-in-2-weeks-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-23_off-market-in-2-weeks-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-23_off-market-in-2-weeks-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><br \/>\n\u201cMany homebuyers are waiving home inspections, appraisals and everything they possibly can to try to win in a bidding war,\u201d continued Killham. \u201cThe busy season for real estate seems to be prolonged this year. Usually things have slowed down by now, but homes are still flying off the market, sometimes before you can even see the properties.\u201d<br \/>\nThe average sale-to-list price ratio increased again to a new record high of 99.2%&#8211;meaning homes are selling closer than ever to their list price&#8211;up from 98.3% during the same period last year. Year-over-year changes of nearly a full percentage point in this measure are very rare\u2014last seen in early 2013 as the housing market was finally bouncing off the post-recession bottom.<br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-70116\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-23_sale-to-list.png\" alt=\"Sale-to-List Price Ratio Edges Closer to 100%\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-23_sale-to-list.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-23_sale-to-list-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-23_sale-to-list-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/08\/2020-08-23_sale-to-list-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><br \/>\nWhile this report reflects U.S. market data, Redfin agents describe a similar situation in the major Canadian cities right now, as well. \u201cSome listings are getting 20 to 30 offers on offer night,\u201d said <a href=\"https:\/\/www.redfin.ca\/real-estate-agents\/sean-starr\">Toronto Redfin agent Sean Starr<\/a>. \u201cWe are having tough conversations with buyers during strategy sessions. We have to explain that just because a home is listed at a certain price doesn\u2019t mean it will sell in that price range. For example, if your budget is $800,000 or $850,000, you\u2019ll potentially need to look at properties listed under $700,000.\u201d<\/p>\n<h3>The housing market seems invincible right now<\/h3>\n<p>\u201cIt seems like nothing can stop the housing market from charging forward with rising prices and increasing sales right now,\u201d said <a href=\"https:\/\/redfin.com\/blog\/author\/darylfairweather\/\">Redfin chief economist Daryl Fairweather<\/a>. \u201cUncertainty around the election, ongoing concerns about the pandemic, high unemployment with expanded benefits that have expired\u2026 none of that seems to matter to real estate. If there are dark clouds on the horizon right now for the housing market, you really have to squint hard to make them out.\u201d<br \/>\nOn Thursday <a href=\"https:\/\/www.cnbc.com\/2020\/08\/27\/powell-announces-new-fed-approach-to-inflation-that-could-keep-rates-lower-for-longer.html\">the Fed officially confirmed their strategy that will hold rates low for a long time<\/a>. This is likely to mean that mortgage rates around 3% are the \u2018new normal,\u2019 and will continue to drive the housing market through at least the end of the year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. housing market heated up even more, with home prices and measures of competition charging ahead, unfazed by seasonality during the four-week period ending August 23.<\/p>\n","protected":false},"author":13505,"featured_media":70122,"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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