News

41% of Redfin Offers Faced Bidding Wars in Late April, Early May Amid Coronavirus Pandemic

41% of Redfin Offers Faced Bidding Wars in Late April, Early May Amid Coronavirus Pandemic

The lack of housing supply is partly responsible for surprisingly high competition rates. Nationwide, 41.1% of Redfin offers faced competition in the four weeks ending on May 10. In a handful of metros, the bidding war rate was above[...]
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Homebuyer Demand Outpaced Supply Mid-Pandemic, Leading to Lower Sales and Preventing Price Declines

Homebuyer Demand Outpaced Supply Mid-Pandemic, Leading to Lower Sales and Preventing Price Declines

The effects of the coronavirus pandemic and subsequent shutdowns hit the U.S. housing market in full force in April, with sales and listings both turning in historic declines from year-ago levels. In the past two months, the housing[...]
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Home-buying Demand Surges on Record-Low Mortgage Rates; Up 17% From Pre-Coronavirus Levels

Home-buying Demand Surges on Record-Low Mortgage Rates; Up 17% From Pre-Coronavirus Levels

This past week, Redfin’s home-buying demand moved out of recovery mode and into growth mode, reaching a new peak. For the seven days ended May 17, demand was 16.5% higher than it was before the pandemic, on a seasonally-adjusted[...]
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The Housing Market’s Road to Recovery in Four Charts

The Housing Market’s Road to Recovery in Four Charts

We reported today that Redfin’s home-buying demand is nearly 17% higher than it was before the coronavirus pandemic, as states ease stay-at-home restrictions and businesses begin to reopen. Below are four charts that highlight other[...]
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Newly Built Homes Make Up Largest Share of Market Since at Least 2012

Newly Built Homes Make Up Largest Share of Market Since at Least 2012

The number of newly built homes on the market fell just 10.5% year over year in April, the smallest decline in 2020 to date, while the supply of existing homes plunged 24%.With the supply of existing homes sinking, new properties now make up a[...]
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