Homebuying Demand Just Keeps Getting Stronger


Homebuying Demand Just Keeps Getting Stronger

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Homebuying Demand Just Keeps Getting Stronger

Published on June 12, 2020 by Glenn Kelman

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Key Takeaways

Demand is 25% above pre-pandemic levels. Buyers haven’t “batted an eyelash” over the possibility of a resurgent pandemic or now protests. Bidding wars are “bananas” with homes “ying off the shelves.” Sale prices are up 3.1%; asking prices are up 9.9%. New listings are still 15% below last year’s levels. More listings may hit the market soon, though sellers still have more health concerns than buyers. A buyer can decide how many homes to visit, but a seller has to “let an open-ended number of people walk through until the home is sold.” Many renters in the city are buying in more affordable outlying areas; home- ownership levels may meaningfully increase for the rst time in 15 years. But continued unemployment could pull rst-time buyers out of the market; “Condos are tough to sell right now… The ball is going to drop and it will be interesting to see how it rolls down the hill.”

Nothing Seems to Deter Homebuyers

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