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A report from Redfin revealed that homes are selling at the fastest pace on record with 59% of homes going under contract within two weeks. During the 7-day period ending March 28, 61% of homes sold in two weeks or less, according to the report.
"Some homebuyers have reached their limit on bidding wars and soaring prices," said Redfin chief economist Daryl Fairweather. "Add to the mix a dwindling number of homes for sale and rising mortgage rates, and the typical family that is still searching for an affordable house may have missed the boat. First-time homebuyers who were already stretching their budgets will have to make bigger compromises on size and location or resign to renting for another year. However, those who are flexible should look to the condo market where there's still a bit less competition. Looking ahead, Biden's infrastructure plan aims to incentivize zoning for multifamily homes, which could increase the supply of affordable homes and provide even more people a path to homeownership, but there is no guarantee the incentives would be enough for local governments to change their zoning practices."
The report also revealed that 47% of homes that went under contract had an accepted offer within one week of hitting the market, an all-time high and up from 33% during the same period a year earlier. Additionally, 41% of homes sold for more than their list price, an all-time high and 16 percentage points higher than the same period a year earlier.
Click here to view the full Redfin report.