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Bidding Wars Hold Steady in July, With Over Half of Redfin Offers Encountering Competition

Bidding Wars Hold Steady in July, With Over Half of Redfin Offers Encountering Competition

More than half of Redfin home offers faced competition in July for the third month in a row. Nationwide, 54% of Redfin offers encountered bidding wars last month, down slightly from June’s revised rate of 56%.An offer is considered part[...]
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Home Prices Up 8% as Supply Fell 22% to a New All-Time Low in July

Home Prices Up 8% as Supply Fell 22% to a New All-Time Low in July

The national median home price rose 8.2% year over year to $323,800 in July. This is the third time in four months that prices have hit a new all-time high, as low mortgage rates continued to drive a spike in early homebuyer demand that has not[...]
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20% of Winning Home Offers Waived the Inspection Contingency in June, Up From 13% Last Year

20% of Winning Home Offers Waived the Inspection Contingency in June, Up From 13% Last Year

In June, 19.9% of successful offers submitted by Redfin agents in select major U.S. markets waived the inspection contingency, compared with just 13.2% during the same month in 2019. Winning offers waived the appraisal contingency at a[...]
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U.S. Median Home Sale Price up 3% to a New High in June

U.S. Median Home Sale Price up 3% to a New High in June

The national median home price rose 2.8% year over year to an all-time high of $311,300 in June, even as new coronavirus cases began to increase again, more than doubling during the month. Home prices typically peak in June each year before[...]
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Homeownership Hits Highest Level Since 2008 Driven by Younger, First-Time Buyers

Homeownership Hits Highest Level Since 2008 Driven by Younger, First-Time Buyers

Homeownership rates surged to 67.9% in the second quarter, the highest rate since 2008. The 3.8 percentage point increase from 64.1% a year earlier is the largest annual increase in homeownership rates on record. A word of caution about[...]
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