Unless otherwise noted, this data covers the four-week period ending May 23.
Note: At this time last year, pandemic stay-at-home orders halted homebuying and selling, which makes year-over-year comparisons unreliable for select housing metrics. As such, we have broken this report into two sections: metrics for which a year-over-year comparison remains most relevant, and metrics for which it makes more sense to compare to the same period in 2019.
Each of the metrics highlighted in the following list set a new housing record going back at least as far as 2012, when Redfin’s data began.
The share of homes sold in one or two weeks are both just shy of their record high level, which was set during the four-week period ending May 9.
For the week ending May 21, Mortgage purchase applications increased 2% week over week (seasonally adjusted). For the week ending May 27, 30-year mortgage rates fell slightly to 2.95%.
“We are seeing a typical late-spring slowdown in new listings and pending sales” said Redfin Chief Economist Daryl Fairweather. “However, prices don’t typically peak until late August, and their growth remains completely unhinged. The fact that homes keep selling for more and more above asking prices goes to show that many more people want a home than there are homes for sale. I don’t see that changing until mortgage rates increase, which will likely happen later this year. But until then, the housing market will remain red-hot.”
Refer to our metrics definition page for explanations of all the metrics used in this report.
