Published by Breibart | December 15, 2021
The Redfin real estate organization put out the report on how lockdowns and working from home changed the way Americans sell and buy houses.
Another sector of the U.S. economy is looking back on how the coronavirus pandemic reshaped it, and in the case of real estate at least 10 records were added to the books, including high prices, quick sales, and many Americans moving.
The Redfin real estate organization put out the report on how lockdowns and working from home changed the way Americans sell and buy houses.
“This past year, home-sale prices hit the highest median of all time, the number of homes for sale fell to an all-time low, and there was record demand for second homes,” the Manistee News Advocate reported.
The ongoing pandemic, including its seismic effect on the U.S. economy and the way Americans live and work, has made 2021’s housing market anything but typical. Remote work, low mortgage rates, a shortage of building materials and wealth inequality that has allowed an influx of affluent Americans to buy vacation homes, to name just a few factors, have come together to create a historic year for real estate.
–Daryl Fairweather, Redfin Chief Economist
“Buyers paid more for homes, bought sooner than they planned, searched outside their hometowns or all of the above. This year’s frenzied housing market has been one for the books—but it may become more balanced in 2022,” Fairweather said.
Here are the Top 3 of those real estate records:
- The typical U.S. home sold for nearly $400,000. The national median home-sale price hit $386,000 in June, an all-time high and up 24.4 percent year over year, Redfin reported. Prices were much higher than they were pre-pandemic in almost every part of the country.
- Home supply dropped to its lowest level in history. There were just 1.38 million homes for sale nationally in June on a seasonally adjusted basis. That’s an all-time low and down 23 percent year over year, Redfin reported.
- The typical home sold in just 15 days, the lowest median days on market in history and down from 39 days in June 2020. The speed of the market is due partly to the supply problem, which has led buyers to pounce on homes as soon as they are put on the market. Sometimes sight unseen.
Click here to see the remaining records on the Top 10 List.
