MReport November 2021

TheMReport — News and strategies for the evolving mortgage marketplace.

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44 | M REPORT O R I G I NAT I O N S E R V I C I N G DATA G O V E R N M E N T S E C O N DA R Y M A R K E T THE LATEST DATA The Average House Now Sells Within 22 Days The housing market is showing signs of a typical seasonal cooling, but houses are still selling at a blistering pace with most houses selling within two weeks of being listed. D uring a time of year that typically sees a noticeable slow down, houses are still selling at a blistering pace with the aver- age house selling within 22 days of hitting the market. This is up from the 15 days houses were sell- ing within over the summer. Largely fueled by a lack of sup- ply (down 5.9% over the last six weeks and 21% year over year), a third of pending sales (30%) were under contract within a week, up 2.2% from a month earlier. 46% of homes sold within two weeks. "During the pandemic, a lot of my sellers were trying to get out of Seattle and take their equity to a lower priced market," Redfin listing agent David Palmer said. "Most sellers who are on the market now are very motivated to move: landlords with vacant homes, families who already up- graded and need to sell their pre- vious homes, couples splitting up. As homebuying demand declines into the fall, I'm only encourag- ing people who have urgency to sell now. Otherwise, I'm advising them to wait until the new year." The report, authored by Redfin Analyst Tim Ellis, also found: • The median home-sale price increased 13% year over year to $355,600. • Asking prices of newly listed homes were up 12% from the same time a year ago to a median of $362,047, down 0.7% from the all-time high set during the previous four-week period ending October 3 as sell- ers began to back down from the record-high asking prices seen in September. • Pending home sales were up 4% year over year, and up 46% compared to the same period in 2019. • New listings of homes for sale were down 8% from a year ear- lier. New listings remained posi- tive compared to 2019, up 5%. • 46% of homes sold above list price, up from 34% a year earlier, but the smallest share since April. • On average, 5.1% of homes for sale each week had a price drop, up 1.4 percentage points from the same time in 2020, and the highest level since the four-week period ending October 13, 2019. • The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, decreased to 100.7%, the lowest level since April. In other words, the aver- age home sold for 0.7% above its asking price. • Mortgage purchase applications increased 2% week over week (seasonally adjusted) during the week ending October 8. For the week ending October 7, 30-year mortgage rates fell slightly to 2.99%.

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