Buyers Are Snatching Up Homes in Record Time

The housing market seems like a revolving door for new listings, with homes coming and going at a fast pace. Redfin found that in the four-week period ending August 2, 46% of homes were sold within the first two weeks. At the same time last year, 32% of homes were sold within two weeks. Unfortunate for buyers yet very fortunate for sellers, the market continues to have issues keeping up with demand due to tight housing supply. Median home prices also experienced a 9% year over year increase, breaking another record yet again.

The average sale-to-list price ratio remained at its record high of 99%–meaning homes are selling closer than ever to their list price–up from 98.5% during the same period last year. Homes actively listed for sale during the four weeks ending August 2 had been on the market (age of inventory) for 49 days, the lowest level on record. In other words, the typical home for sale was listed around mid-June. Homes typically take longer to sell after June as the spring homebuying season winds down; last year, the age of inventory increased 6.5 days between early June and early August. But this year, the age of inventory fell at a record pace, down 18 days over the same period.

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