HousingWire Daily Real estate market shows promising signs of recovery
In today’s Daily Download episode, HousingWire covers data that shows the real estate market is beginning to heat back up to pre-pandemic levels.
For some background on the story, here’s a summary of the article:
Demand for houses continues to skyrocket, according to a report from Redfin CEO Glenn Kelman. Seasonally adjusted demand for houses during the week of June 1 through June 7 was 25% above pre-pandemic levels. Kelman said that bidding wars have caused listings to move quickly, and sales 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.”
Following the main story, HousingWire covers data from Realtor.com that indicates housing markets in tech hubs are likely to recover faster from the COVID-19 pandemic and a survey from 72Point and the National Association of Realtors that claims 47% of homeowners have considered selling their home due to the pandemic.
The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.
HousingWire articles covered in this episode:
- The real estate market heats up: Housing demand is 25% above pre-pandemic levels
- Housing markets in tech hubs likely to recover faster from pandemic
- Even with mortgage assistance, 47% of homeowners have considered selling their home due to pandemic