Homebuyer Demand Hits Highest Level Since 2017

Redfin’s Homebuyer Demand Index hit an all-time high since at least 2017 as the number of listed homes remains seasonally elevated compared to past years. The report shows the market speeding up, with an increasing number of homes selling in two weeks or less and demand increasing even as listings trend down.  “The economy is recovering strongly and mortgage rates are still near all-time lows. Those two forces combined have caused homebuying demand to hit a record high,” said Redfin Chief Economist Daryl Fairweather.  For homes sold in the four-week period ending November 14, the median sale price rose 13% year-over-year (YOY) to $357,881, up 30% from 2019 and 2.1% from October. Asking prices were also up 13% YOY, and…