One-third of homes that sold in the past four weeks went under contract within seven days of hitting the market. This rate has been on the rise for the past six weeks, during a time of year when the market typically slows down. It’s likely that the market is speeding up now because homebuyer demand is holding steady and strong; home tours are up twice as much from January as they were at this time in 2019. Yet homes for sale remain few and far between.
“Homes continue to sell quicker and quicker,” said Redfin Chief Economist Daryl Fairweather. “There are still plenty of homebuyers lying in wait who missed out during the Spring frenzy, and they are snatching up homes quickly. Now, those homes are selling for near-record prices. The housing market will likely stay hot until mortgage rates rise substantially.”
Unless otherwise noted, the data in this report covers the four-week period ending October 24. Redfin’s housing market data goes back through 2012. Except where indicated otherwise, the housing market is generally experiencing seasonal cooling trends, similar to what was seen during this same period in 2019. Comparing today’s market with the pre-pandemic fall market of 2019 highlights how hot the market remains, even as most measures are settling into typical seasonal patterns.
Refer to our metrics definition page for explanations of all the metrics used in this report.
