Redfin Reports Fewer Homes for Sale in September; Declining Number of Listings Holds Back Home Sales
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SEATTLE, Oct 15, 2021 / PRNewswire / – (NASDAQ: RDFN) – The average home sale price rose 14% year over year $ 376,800 in September the lowest growth rate since December 2020, according to a new report from Redfin (www.redfin.com), the technology-driven real estate agent. September marked the 14th month in a row with double-digit price gains. Both closed house sales and new listings of houses for sale fell by 5% and 9%, respectively, compared to the previous year.
“The serious 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 homebuyers who are just beginning the 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. “
|
Market overview |
September 2021 |
month for month |
year for year |
|
Median sales price |
$ 376,800 |
-0.8% |
13.9% |
|
Sold apartments, seasonally adjusted |
613.200 |
1.6% |
-5.4% |
|
Outstanding sales, seasonally adjusted |
604,900 |
2.9% |
2.8% |
|
New advertisements, seasonally adjusted |
631,800 |
-2.3% |
-9.0% |
|
All properties for sale, seasonally adjusted |
1,384,200 |
-2.0% |
-19.0% |
|
Median days on the market |
18th |
2 |
-11 |
|
Months of delivery |
1.4 |
0 |
-0.3 |
|
Sells above list |
47.8% |
-4.1 points † |
13.8 points † |
|
Median off-market Redfin estimate |
$ 381,900 |
7.3% |
19.9% |
|
Average sale-to-list |
101.0% |
-0.6 points † |
1.6 points † |
|
Average fixed-rate mortgage over 30 years |
2.90% |
+0.06 points † |
+0.01 points † |
|
† – “pts” = change in percentage points |
|||
Average sales prices increased year over year in all but one of Redfin’s 85 largest metro areas: Bridgeport, CTwhere prices have dropped 2.2%. A year ago prices rose 32% in Bridgeport as the area experienced a sudden surge of interest from homebuyers who wanted to leave new York. The current drop in prices is likely a slowdown from an extremely overheated state. The biggest price increases in September 2021 were in North Harbor, FL (+ 30%), Salt Lake City (+ 28%) and Austin, TX (+ 27%).
Seasonally adjusted home sales declined 5% year over year in September, the second annual decline in 16 months. Home sales declined in 66 of Redfin’s 85 largest metro areas. The biggest drops in sales were in New Orleans (-42%), Bridgeport, CT (-24%) and Salt Lake City (-23%). The greatest increases were recorded where sales were still somewhat depressed during the year September 2020including new York (+ 26%), Honolulu (+ 24%) and San Jose, California (+ 15%).
Seasonally adjusted active listings – the number of all properties that were for sale at any point in the month – fell 19% year over year in September to the previous month’s level. Only three of the 85 largest subways covered by Redfin saw a year-over-year increase in seasonally adjusted active listings of properties for sale: Austin, TX (+ 3%), Tacoma, WA (+ 3%) and Columbus, OH (+ 0.3%). The biggest year-on-year declines in active housing supply were in September Baton Rouge, LA (-53%), Salt Lake City (-50%) and Rochester, NY (-47%).
Seasonally adjusted new offers of homes for sale fell by 9% year-on-year in September, only the second decrease since February. In 75 of the 85 largest metropolitan areas, new registrations fell compared to the previous year. The biggest declines were in Baton Rouge, LA (-59%), Allentown, PA (-57%) and Salt Lake City (-51%). The number of new entries rose the most compared to the previous year in Austin, TX (+ 18%), Tacoma, WA (+ 9%) and Portland, OR (+ 8%).
The measures of the housing market competition based on completed apartment sales eased further in September. The typical home sold in September went under contract in 18 days – more than a week faster than a year earlier when homes sold on average in 29 days, but three days more than the record low in June.
In September, 48% of the apartments were sold above list price, 8 percentage points less than the record high in June, but 14 percentage points more than a year earlier. The average list price ratio also fell slightly in September to 101%, after a record high of 102.5% in June, but over 99.4% in the previous year.
To read the full report, with charts and additional highlights at the Metro level, please visit: https://www.redfin.com/news/fewer-homes-for-sale-sept-2021/
About Redfin
Redfin (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 of people 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 the Redfin Data Center. To be added to Redfin ‘s press release distribution list, email at [email protected]. To view the Redfin press center, click here.
SOURCE Redfin
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