Fast Facts About the Housing Market

Gone in a flash! Homes are selling faster than ever. With record-low inventory and intense demand, homebuyers face fierce competition.

• A record 41% of homes sold above list price during a 4-week period ending March 28th
• 59% of homes have an accepted offer within 2 weeks. 47% within 1 week.

Home prices are rising rapidly amid robust demand, low inventory.

• Median listing prices are 17.2% higher than last year*
• Median existing-home sales price in Feb: $313,000**
• Median new-home sales price in Feb: $349,000***

Winter storms held back roughly 200,000 listing that would typically have gone on the market. The total active inventory is down 53% from last year.

Are rising rates cause for concern? Interest rates are still near historic lows. And while higher rates will impact refinance activity and purchase affordability, they could also help ease demand and slow down the rapid pace of home-price growth.

Housing market potential rose to the highest level since 2007 in February. A growing economy, vaccine rollout, and warmer weather could boost housing confidence even further.

Are you interested in homeownership or refinancing? Contact our award winning team today! www.gmfsmortgage.com/get-started 

*33 consecutive weeks of double-digit growth

**Up 15.8% YoY

***up 5.3% YoY

 

Sources:
[1] Redfin, Housing Market Update, April 2, 2021.
[2] Realtor.com®, Weekly Housing Trends, Data Week March 27, 2021.
[3] National Association of Realtors® (NAR), Existing-Home Sales, February 2021.
[4] U.S. Census Bureau, HUD, Monthly New Residential Sales, February 2021.
[5] Realtor.com, February 2021 Monthly Housing Market Trends Report.
[6] Freddie Mac, Primary Mortgage Market Survey®.
[7] Mortgage Bankers Association Weekly Mortgage Applications Survey, week ending March 26, 2021.
[8] Freddie Mac, COVID-19 Consumer Insights, March 2021.
[9] Fannie Mae, National Housing Survey, February 2021.
[10] First American, Potential Home Sales Model, February 2021.