In a booming US market, demand and house prices skyrocket | national
The ensuing bidding wars took the typical home price, or median, to $ 341,600 last month, the NAR said, a record high.
Glenn Kelman, CEO of Redfin, said on Twitter on Tuesday that a desperate homebuyer in Bethesda, Maryland offered – perhaps in part ironic – to name his firstborn after the seller. (She always lost to another buyer.)
Kelman also noted that there are now more real estate agents than there are homes for sale. According to the Department of Labor, 1.7 million Americans were working in real estate in April.
Some of the year-over-year price increase likely reflects slowing sales and falling demand a year ago at the start of the pandemic. All 20 cities in the Case-Shiller Index reported faster price increases in March than in February.
The largest increase was recorded in Phoenix for the 22nd consecutive month; prices there have increased by 20% compared to a year ago. San Diego had the second largest gain at 19.1%, followed by Seattle at 18.3%.
Fairweather, the Redfin economist, said the housing market could calm down in the coming months. With the spread of vaccinations and the decline in COVID-19, more sellers may be willing to list their homes.
Fairweather suggested that many Americans would likely start spending more money on services, such as vacations, restaurants, and other entertainment, and focus less on new homes.