The share of homes selling within one or two weeks is on the rise during a time of year that typically sees the market slow down. A third of pending sales were under contract within a week, up 2.2 points from a month earlier. During the same period in 2019, this measure fell 0.4 points. The hot market is largely fueled by the ongoing crisis-level supply shortage. Over the past six weeks, active listings of homes for sale have dropped 5.9%, compared to a decline of just 1.6% over the same period in 2019.
“During the pandemic, a lot of my sellers were trying to get out of Seattle and take their equity to a lower priced market,” said Redfin listing agent David Palmer. “Most sellers who are on the market now are very motivated to move: landlords with vacant homes, families who already upgraded and need to sell their previous homes, couples splitting up. As homebuying demand declines into the fall, I’m only encouraging people who have urgency to sell now. Otherwise, I’m advising them to wait until the new year.”
Unless otherwise noted, the data in this report covers the four-week period ending October 10. 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.
Refer to our metrics definition page for explanations of all the metrics used in this report.
