The average U.S. condo sold for an all-time high of $319,000 in February, a 14.6% year-over-year gain driven by soaring costs for single-family homes and rising mortgage rates nationwide. Buyers unable to find affordable single-family homes are turning to condos for slightly lower prices and less competition, but as demand surges, condo supply is inching its way toward a new record low.
New condo listings were down 6.1% in February, and total condo supply fell 28% year-over-year, causing a 5.3% year-over-year drop in new sales despite elevated demand, Redfin reports.
A record 55.1% of condos went off the market within two weeks in February, up from 47.9% a year earlier. The typical condo that sold in February went under contract in 30 days, 13 days faster than a year earlier.
By comparison, 62.1% of single-family homes sold within two weeks (versus 58.2% a year earlier), and the typical single-family home sold in 24 days (seven days faster than a year earlier).
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