Homebuying demand for the week of June 1-7 was 25 percent higher than it was pre-pandemic in January and February, according to a report from Redfin.
Redfin said the first week of June was the eighth straight week of rising demand. However, the report also said lack of inventory continues to restrain sales. New listings during the first week of June were 15 percent below last year’s level.
“A lot of what I’m listing are not new clients, but people I’ve met with over the past few weeks and months,” Seattle Redfin agent David Palmer said in a release. “I’ll be bringing on double-digit listings in the month of June and expect the same for July. Those people who were looking to get top dollar and wanted to wait to list until they could get the most buyer attention, they can definitely get that now.”
Redfin said many relocating buyers are pursuing the suburbs, or smaller, more affordable cities. The report said asking prices during the first week of June were up 9.9 percent, compared with 7.9 percent the week before, and 3.9 percent in January and February.
“It’s odd, because I’ve got two different sellers moving to Oklahoma, both for jobs,” Redfin Maryland agent Hazel Shakur said. “That big migration we’re all expecting, it’s beginning to happen. People are now moving more to the interior of the country. I also have a lot of clients who are retiring and moving down south to more tax-favorable states.”