Redfin laments that it has been a difficult spring for America as century-old wounds that have never healed were laid bare after the deaths of George Floyd, Breonna Taylor, and Ahmaud Arbery. Despite the country’s pain, Redfin decided to publish its weekly update on the housing market so those who need to buy a home still have the information and resources available to make an informed decision. For the last week of May, housing demand was up 22 percent from pre-pandemic levels in January and February on a seasonally adjusted basis. This is the seventh straight week of increases, and median prices are up 7 percent compared to last year due to low housing inventory. Find out other market insights in this edition of Redfin’s weekly market round-up.
It’s a difficult time to be reporting on the recovery in the housing market while the country grieves over the unjust killings of George Floyd, Breonna Taylor, Ahmaud Arbery and many others. In cities across the nation, Americans marched to protest systemic racism and a long history of violence and brutality targeted at Black people in America. Redfin supports the protests, and we know we need to do more to help end the cycle of racism in America.
We decided to publish this week’s update, because we also feel an obligation to people who are trying to decide whether to buy or sell a house; to drop their home’s price or hold out for a better offer; to make decisions about what is generally people’s largest financial investment.
For the full week ended May 31, demand was up 22% from pre-pandemic levels in January and February, on a seasonally-adjusted basis. This marks the seventh straight week Redfin’s home-buying demand has increased since it hit bottom in mid-April.
Related Stories
Market Data + Trends
The Biggest Hurdle for Housing Is Seller Hesitation, Experts Say
Elevated borrowing costs are currently affecting both homebuyers and sellers, with buyers hesitant to spend and sellers unwilling to list and sacrifice the lower rates they've locked in on their current homes
Government + Policy
Bipartisan House Bill Aims to Incentivize Home Selling
The More Homes on the Market Act seeks to amend the sales gain tax exclusion to bring more homes into the for-sale market
Market Data + Trends
A New Normal? Why Experts Are Calling Today’s Housing Market an ‘Ice Age'
The housing market is going through a deep freeze as elevated interest rates keep sellers on the sidelines and send available housing inventory to new lows