Home prices are up 17% over the past year, while inventory remains low: Redfin
housing marketis flooded with demand, but there's a shortage of inventory.
- A new report by Redfin found that the median home-sale price rose 17% year over year during the four-week period ending on April 11.
- Compared to the same four-week period in 2019, the total number of active listings was down 47%, an all-time low.
With buyer demand high and inventory low, home prices in the US continue to rise.
A new report by the Seattle-based
When compared to the same four-week period in 2019, the number of new listings to hit the market was down 13% and the total number of active listings was down 47%, an all-time low.Looking at the lack of inventory on a broader scale, Freddie Mac estimated that by the end of 2020, there was a housing shortage of around 3.8 million units in the US, and the crisis doesn't seem to be easing.
In February, a report by real estate analytics corporation Black Knight found that housing inventory was down 40% year over year. The report also found that new listings in January were down 16% year over year and in February, they were down 21%.The data points to a tough reality for some prospective homebuyers on a budget: It's a tough time to buy a house. As previously reported by Insider, the average homebuyer now needs to make an offer above the asking price to score a property. And, over 50% of Redfin home offers are facing bidding wars.
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