Housing Market Cooled in October, But Relief For Homebuyers Was Short-Lived |

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SEATTLE, November 22, 2021 / PRNewswire / – (NASDAQ: RDFN) —The average price of homes sold in October was $ 378,700, for a new one report by Redfin (redfin.com), the technology-based real estate brokerage. This is a 13% year-over-year increase, the lowest growth rate since December 2020.

October marked the 15th month in a row with double-digit price gains. Both seasonally adjusted sales of closed homes and new offers of homes for sale fell by 8% and 11%, respectively, compared to the previous year. Overall, the housing market experienced a fairly typical seasonal slowdown in October. The relief for homebuyers could be short-lived, however, as pending sales are up 3% from September and the first signs of demand pick up again in the first few weeks of November.

“The severe shortage of inventory limits home sales,” said Redfin chief economist Daryl good weather. “Although many people bought homes last year, many home buyers waited as the pandemic got worse and the remote working guidelines finalized. The home buyers who are just beginning their search find the well has dried up in the hope that 2022 will finally have a strong year for new builds when it becomes easier to get building materials. That’s what the market needs more than anything. “

Average sales prices increased year over year in all but one of Redfin’s 85 largest metro areas: Bridgeport, CT (Fairfield County), where prices fell by 4.2%. A year ago house price gains in Bridgeport had peaked at 40% while the area experienced a wave of immigration from home buyers New York City. The price declines in recent months are likely to be a further cooling off from an extremely overheated state. The biggest price increases in October 2021 were in Phoenix, AZ (+ 25%), Austin, TX (+ 25%) and McAllen, TX (+ 24%).

Seasonally adjusted home sales declined 8% year over year in October, the largest decline in 16 months. Home sales declined in 76 of Redfin’s 85 largest metro areas. The biggest declines in sales were in Bridgeport, CT (-26%), New Brunswick, New Jersey (-22%) and Salt Lake City (-21%). The greatest increases were recorded where sales were still somewhat depressed during the year October 2020including Honolulu (+ 18%), new York (+ 11%) and San Jose, California (+ 7%).

Seasonally adjusted active listings – the number of all properties for sale at any point during the month – fell 19% year over year in October to the level of previous months.

Only one of the 85 largest subways covered by Redfin saw a year-over-year increase in seasonally adjusted active listings of properties for sale: Tacoma, WA (+ 2%). The biggest year-on-year decline in active housing supply was in September Baton Rouge, LA (-50%), Salt Lake City (-50%) and North Harbor, FL (-41%).

Seasonally-adjusted new home offers for sale declined 11% year over year in October, the largest decline in eight months. In 78 of the 85 largest metropolitan areas, new entries fell compared to the previous year. The biggest declines were in Salt Lake City, UT (-59%), Allentown, PA (-58%) and Baton Rouge (-52%). The number of new entries increased the most compared to the previous year in Oklahoma City (+ 6%), Buffalo, NY (+ 3%) and Austin, TX (+ 2%).

The typical home sold in October was signed in 21 days – more than a week faster than a year earlier when homes average sold in 29 days, but three days more than the record low of 15 days in June . In October, 46% of apartments were sold above list price, 11 percentage points less than the record high in June but 11 percentage points more than a year earlier. The average list price ratio also fell slightly in October to 100.8%, after a record high of 102.6% in June, but higher than in the previous year of 99.5%.

For the full report with charts and additional highlights at the metro level, please visit: https://www.redfin.com/news/housing-market-cooled-in-october/

About Redfin

Red fins (www.redfin.com) is a technology-driven real estate company. We help people find a home through brokerage, home buying (iBuying), rentals, lending, property insurance, and renovation services. We sell houses for more money and we charge half the fee. We also run the leading real estate agent site in the country. Our home buyers see homes first on on-demand tours, and our credit and property services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our home renovation team fix their home to sell it for the highest dollar. Our rental business enables millions across the country to find apartments and houses for rent. Since our introduction in 2006, we have had more than $ 1 billion at commissions. We serve more than 100 markets in the US and Canada and employ over 6,000 people.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn more about housing market trends and download data, visit Redfin data center. To be added to Redfin’s press release distribution list, email press@redfin.com. To view the Redfin press center, Click here.

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SOURCE Redfin

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