Article

2021-04-05 Economy

Homes selling faster than ever even as prices rise to all-time highs

[FOX] Homes are getting snatched off the market at a record pace despite rising home prices and mortgage rates, according to a new Redfin report.

About 59% of homes that went under contract had an accepted offer within two weeks of hitting the market, an-all time high since the real estate brokerage began tracking the data in 2012.

In the week ending on March 28, 61% of homes sold in two weeks or less, according to the data. Meanwhile, just under half of all homes, about 47%, that went under contract accepted an offer within one week, an increase from 33% from a year ago.

At the same time, the report revealed that active listings fell 42% from the same period in 2020, which is an all-time low.

Still, more than 40% of homes sold above the original asking price, an all-time high, and roughly 16% higher compared to a year earlier, according to the data.

The median home-sale price was $335,613, another all-time high and an increase of about 17% compared to last year.

Posted by Besoeker 2021-04-05 02:10|| || Front Page|| [12 views ] Top

#1 What about the houses that can't be sold due to squatting of nonpaying renters that various legal manipulations have protected for over a year now? I guess those homes have zero value and don't affect these bogus prices.

Posted by Bubba Lover of the Faeries8843 2021-04-05 02:32|| 2021-04-05 02:32|| Front Page Top

#2 Real estate has always been a favorite place to park easy money. Just not always a smart place...

Posted by M. Murcek 2021-04-05 02:41|| 2021-04-05 02:41|| Front Page Top

#3 Can you say 'bubble'.

Posted by Procopius2k 2021-04-05 06:45|| 2021-04-05 06:45|| Front Page Top

#4 Housing may indeed be a bubble market, but at least it is a tangible asset against the inevitable hyperinflation of the currency. The real problem will be how to pay the property taxes on it.

Posted by Glenmore 2021-04-05 18:15|| 2021-04-05 18:15|| Front Page Top

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