Homebuying Demand Soars 22% From Pre-Pandemic Levels

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.

Read More