{"id":74000,"date":"2022-03-10T07:00:03","date_gmt":"2022-03-10T15:00:03","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=74000"},"modified":"2022-10-26T13:02:06","modified_gmt":"2022-10-26T20:02:06","slug":"housing-market-update-homebuying-spike","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-homebuying-spike\/","title":{"rendered":"Housing Market Update: Homes Sell Faster Than Ever as Buyers Rush to Grab Low Rates"},"content":{"rendered":"

The housing market is worked into a frenzy, unfazed by war in Ukraine, a faltering stock market, and fast-rising gas prices.<\/h2>\n

Three out of five homes that went under contract during the four week period ending March 6 found a buyer within two weeks, an all-time high, as supply shrank to a new low. Recent home sellers also enjoyed the biggest price premiums ever seen this time of year, with the typical home selling for 1.1% above list price. Last year at this time, the typical home sold for 0.3% below list price. The median home sale price shot up 16% year over year to a new high of $369,125.<\/p>\n

\u201cHomebuyers are in a frenzy,\u201d said Redfin Deputy Chief Economist Taylor Marr<\/a>. \u201cBuyers are reacting to changes in mortgage rates but are so far unfazed by the war in Ukraine, stock market volatility and rising oil prices. However, these risks are reaching levels that could be dangerous for the economy, and the Fed is on the cusp of raising rates further to cool inflation. The silver lining for housing is that the spike in mortgage rates has paused for now.\u201d<\/p>\n

Key housing market takeaways for 400+ U.S. metro areas:<\/h3>\n

Unless otherwise noted, the data in this report covers the four-week period ending March 6<\/strong>. Redfin\u2019s housing market data goes back through 2012.<\/p>\n

Data based on homes listed and\/or sold during the period:<\/h4>\n