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“Seasonality is going to become more noticeable now that schools have started and Labor Day is over,” said Redfin lead economist Taylor Marr. “There is still a lot of room for more homes for sale to hit the market to make up for lost ground during the pandemic. This increase in supply is likely to drive more strong year-over-year growth in home sales. Leading indicators of home sales like mortgage applications and pending sales are still showing tremendous strength as we head into fall.”
Redfin agents in areas affected by wildfires report that wildfire risk and smoke is impacting the market, at least a little.
“We do have some homebuyers who are rethinking whether or not they want to purchase in an area that is prone to wildfires,” said San Francisco Redfin agent Tom Baumgartner. “It’s too early to tell if there will be a long-term impact. The smoke right now has definitely been a factor when we’re prepping properties to sell. We’re dealing with a lot of ash, outdoor surfaces are covered and that requires some extra cleanup, like power washing.”
Sonoma, CA Redfin agent Starling Scholz also noted that while a number of homebuyers who had recently begun to search for a home are now stepping back, the overall market is still very busy, and the fires have only slightly dampened an intense seller’s market.