Buyers are overpaying, but are there signs of a bubble

By Tim Glaze | Housingwire

Home prices have skyrocketed in the past year, and data from Redfin backs up what buyers, sellers, and agents have known for months.

The national average of home prices rose 14.4% year-over-year to $336,200 in February – the largest increase since July 2013, according to the latest report from Redfin. Closed home sales were up 5% from a year earlier and pending sales rose 21%. In all, the seasonally-adjusted number of homes sold totaled 627,400 in February.

That’s with unprecedented winter storms hitting most of the South in February, too.

As proof of the impact of the country’s low inventory and high cost of building materials, new listings fell 16% – the second-largest decline on record since Redfin’s data began in 2012, only passed by the drop in April 2020.

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