Fierce competition continues to drive home prices up, but home tours, offers and pending sales have slowed. New listings, a key lever for home sales growth, have held up better than pending sales and are inching up increasingly close to 2019 levels. Unless otherwise noted, this data covers the four-week period ending June 13. Redfin’s housing market data goes back through 2012.
“Offers no longer pour in the day a home hits the market,” said Phoenix Redfin real estate agent John Biddle. “It has become more common for offers to come in at least a few days after a home is listed for sale. If this were three years ago, we’d marvel at how fast the market was, but it’s a clear slowdown from a few weeks ago. Now that things are opening up again and the summer is almost here, people have other priorities, like going on vacation. Plus, many homebuyers are frustrated and tired of competing, so they’ve stepped back—for now at least.”
“Many measures of the housing market, such as pending home sales, mortgage applications and touring activity, showed some improvement this past week following the Memorial Day slump, but don’t call it a comeback,” said Redfin Lead Economist Taylor Marr. “Seasonally adjusted homebuyer demand is unlikely to rebound to the levels we saw earlier in the spring. While some buyers will find reprieve in less intense bidding wars this summer, others may be disappointed that homes remain hard to find.”
Refer to our metrics definition page for explanations of all the metrics used in this report.
