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Homes selling faster than ever even as prices rise to all-time highs
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Homes are getting snatched off the market at a record pace despite rising home prices and mortgage rates, according to a new Redfin report.
About 59% of homes that went under contract had an accepted offer within two weeks of hitting the market, an-all time high since the real estate brokerage began tracking the data in 2012.
In the week ending on March 28, 61% of homes sold in two weeks or less, according to the data. Meanwhile, just under half of all homes, about 47%, that went under contract accepted an offer within one week, an increase from 33% from a year ago.
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At the same time, the report revealed that active listings fell 42% from the same period in 2020, which is an all-time low.
Still, more than 40% of homes sold above the original asking price, an all-time high, and roughly 16% higher compared to a year earlier, according to the data.