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Even if prices rise to record highs, home sales are faster than ever



According to the latest report from Redfin, despite rising housing prices and mortgage interest rates, houses are still being snapped up at a record rate.

Approximately 59% of contracted houses were accepted within two weeks of listing, which is the highest level since real estate brokerage companies started tracking data in 2012.

Data shows that in the week ending March 28, 61% of homes were sold in two weeks or less. At the same time, less than half of the houses (approximately 47%) have signed contracts and accepted the offer within a week, an increase from 33% a year ago.

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At the same time, the report showed that active listings fell by 42% compared with the same period in 2020, a record low.

Statistics show that there are still more than 40% of houses sold at a price higher than the original asking price, setting a record high, about 1

6% higher than the same period last year.

On Sunday, March 21, 2021, as the construction of new houses in the new residential area of ​​Northbrook, Illinois continues, signs of “sold” are numerous.

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The median house sales price was US$335,613, a record high, an increase of about 17% compared to the same period last year.

However, as prices rise, mortgage interest rates also rise. The 30-year mortgage interest rate rose to 3.18%, the highest level since June.

Redfern’s chief economist Daryl Fairweather said that rising prices and rising mortgage rates, coupled with “decrease in the number of homes for sale,” make it harder for some people to find affordable homes .

However, Fairweather said that after President Biden formulated a $2.3 trillion national infrastructure repair plan, more affordable options may emerge.

Fairweather said: “Looking forward, Biden’s infrastructure plan aims to incentivize the zoning of multi-family housing, which can increase the supply of affordable housing and provide more people with access to home ownership.”

Homes for sale plummeted by 10.6%, with the lowest inventory

However, he said: “There is no guarantee that these incentives will be sufficient for local governments to change their zoning practices.”

Redfin analyzed data from 400 U.S. metropolitan areas in the four weeks ending March 28. However, brokers cautioned that due to virus-related restrictions, the comparisons in the report “do not necessarily reflect changes in the housing market in the past year.”

The agent pointed out: “Compared with the same period last year, this may reflect more that this time last year, home orders stopped both the purchase of houses and the sale of houses.”


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