Inventory has tightened up once again, according to new numbers out from Redfin. For the four-week period ending October 10, new listings fell 8 percent and sellers backed off from their record-high asking prices. Active listings (the number of homes listed for sale at any point during the period) fell 21 percent from 2020.
Those homes on the market, however, continue to move at a quick pace. Some 46 percent of homes that went under contract had an accepted offer within the first two weeks on the market, while 33 percent of homes accepted an offer within one week of hitting the market—up from 30 percent during the same period a year earlier.
Homes that sold were on the market for a median of 22 days, a full week longer than the all-time low of 15 days seen in late June and July, and down from 32 days a year earlier.
The median home-sale price increased 13 percent, year-over-year, to $355,600. Per Redfin, asking prices of newly listed homes were up 12 percent from the same time a year ago to a median of $362,047.