Housing Market Sees Biggest Uptick in New Listings in Almost 2 Years

September 9, 2020 by

Record-low inventory of homes for sale has “created a complete storm of insanity,” in small, affordable markets like Boise, which is seeing an influx of buyers leaving the West Coast.

Key takeaways for the 4-week period ending August 30:

  • Median home sale price increased 12% from 2019 to $318,473—the highest on record.
  • Pending home sales climbed 21% year over year, the largest increase since the four weeks ending October 18, 2015.
  • New listings of homes for sale were up 7% from a year ago—the largest increase since the four weeks ending
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Homebuyers on a $2,500 Monthly Budget Can Afford $33,000 More With Low Mortgage Rates

Historically low rates are motivating homebuyers even though prices were up 8.2% year over year in July, effectively cancelling out the 6.9% increase in purchasing power.

A homebuyer with a $2,500 monthly housing budget can afford a home priced $33,250 higher than a year ago, thanks to historically low mortgage rates. At a 3% mortgage interest rate—roughly the average 30-year fixed rate for July and August 2020—a homebuyer can afford a $516,500 home on $2,500 per month, up from the $483,250 they could afford on the same budget when the average was 3.77% in July 2019. To put it

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More Than Half of Redfin Offers Faced Bidding Wars in August

Nearly 55% of Redfin offers for homes faced bidding wars in August. Competition is still fierce in coastal California, and the market is also hot in more affordable places like Sacramento and Phoenix.

Nationwide, 54.5% of Redfin offers on homes faced competition in August. Though that’s down from a revised rate of 57.3% in July, it’s the fourth month in a row that more than half of Redfin offers encountered bidding wars. 

An offer is considered part of a bidding war if a Redfin agent reported it received at least one competing bid.

The housing market continues to be a

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The U.S. Housing Shortage Is Getting Worse—Especially in These Places

September 2, 2020 by

Meanwhile, San Francisco has experienced a flood of homes for sale as Americans flee dense, expensive cities.

America’s housing shortage was intense before the coronavirus hit, with the number of homes for sale slumping 7% year over year in February. Now it’s even more acute: Supply dropped for the twelfth-straight month in July, plummeting nearly 20% to just 1.9 million homes—the lowest level of any July on record. Some of the nation’s most affordable areas are driving the deficit.

In San Antonio, TX, the number of homes for sale was

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11 Tips to help you beat out the competition

You’ve been house hunting for weeks, possibly months, and now you’ve finally found a beautiful home that would be just perfect for your family. Already familiar with how to make an offer on a house, you submit what you believe is a competitive offer and anxiously wait for a response. After all, this could mean the end of your search if the home sellers accept your offer. But because of the high demand in the current housing market, your real estate agent comes back with the unexpected news that several other homebuyers have also submitted offers on the

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