The Crazy Real Estate Market is Back | Housing Demand Increases to 24% Above Pre-COVID Levels
The demand for real estate continues to climb, according to a report from Redfin CEO Glenn Kelman. Seasonally adjusted demand for houses during the week of June 21 through June 28 was 24% above pre-COVID levels.
Kelman said that bidding wars have returned and homes are selling quickly. Home prices are up 3.1% year over year. The percentage of newly listed homes to accept an offer within 14 days increased from 42% in May to 47% in June.
?Our abiding concern in May was about the number of homes for sale, but that?s improving too,? Kelman said. ?After falling to 21% below last year?s level the week of May 25-31, new listings last week continued their recovery; last week?s new listings were 15% below last year?s level.?
Search for New Homes Anywhere in the United States
Search for New Homes Anywhere in the United States
One thing to come out of pandemic purchases is 3D tours and video-chat tours, as states placed restrictions on real estate practices while shelter-in-place order are in effect. According to the report, 15% of home tours are happening via video chat, which is 30 times higher than pre-pandemic.
Views of 3D scans skyrocketed on Redfin?s website, up 42% from April to May. According to the report, 25% of new listings in markets like Seattle and Orange County, California include a scan.