The latest report from Redfin indicates that the homebuying demand is gaining traction despite the pandemic.
Per Redfin CEO Glenn Kelman, “bidding wars are ‘bananas’ with homes ‘flying off the shelves.’ Sale Prices are up 3.1%; asking prices are up 9.9%.” Despite health regulations and social distancing, it seems that homebuyers stopped at nothing to continue their search of their next home. For the week through June 7, demand was 25% higher than it was in January and February. This is the eighth straight week of increase.
In regards to bidding wars, the 9.9% raise in asking price is an increase compared to 7.9% the week prior and 3.9% in early 2020.