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SEATTLE, June 11, 2021 /PRNewswire/ — (NASDAQ: RDFN) —The breakneck pace of the housing market is beginning to slow heading into June, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Leading indicators of activity are now mostly cooling off instead of continuing to heat up.
Adjusted for seasonality, home purchase applications have been falling since late March and are now 7% below their average levels in January and February 2020, despite low mortgage rates and easing access to credit. The cooling market is also reflected in a four-week decline in pending sales and a drop in Redfin’s demand index, which is down 12% from its late-March peak. Taken as a whole, the data paints a picture not of a bursting bubble, but a clear change from the overheated spring market.
“Homebuyers may have found a better way to spend Memorial Day weekend than touring homes, but most have not exited the market entirely,” said Redfin Lead Economist Taylor Marr. “Buyers have faced a tough market this year and fewer feel it is a good time to buy as the allure of low rates has waned, so some are choosing to wait it out for now. With demand stabilizing, the housing market should become more balanced, allowing homebuyers to have a less stressful and challenging time finding and competing for a home.”
“While the market has not come to a full stop, we are seeing signs of yielding,” said Westchester County, NY Redfin real estate agent Candice Smith. “Buyers are winning bidding wars with offers that are $60,000 or less over asking prices; just a month ago in similar situations they had to go $100,000 or more over asking. Bidding wars are still the norm, but the number of competing offers have been cut in half from around 17 to about eight. Homebuyers still need to be strategically creative when submitting their highest and best offer, which involves methods like offering to cover an appraisal gap upfront, dropping the appraisal or mortgage contingency altogether or adding escalation clauses.”
Key housing market takeaways for 400+ U.S. metro areas:
Unless otherwise noted, this data covers the four-week period ending June 6. Redfin’s housing market data goes back through 2012.
Data on homes listed and/or sold during the period:
Other other leading indicators of homebuying activity:
To view the full report, including charts and methodology, please visit:
https://www.redfin.com/news/housing-market-update-memorial-day-week/
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate broker, instant home-buyer (iBuyer), lender, title insurer, and renovations company. We sell homes for more money and charge half the fee. We also run the country’s #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Since launching in 2006, we’ve saved customers more than $1 billion in commissions. We serve more than 95 markets across the U.S. and Canada and employ over 4,100 people.
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin’s press release distribution list, email press@redfin.com. To view Redfin’s press center, click here.
SOURCE Redfin
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