Roy Gilbert

Home prices are up 17% over the past year, while inventory remains low: Redfin

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adamkaz/Getty Images The housing market is flooded with demand, but there’s a shortage of inventory.

A new report by Redfin found that the median home-sale price rose 17% year over year during the four-week period ending on April 11.

Compared to the same four-week period in 2019, the total number of active listings was down 47%, an all-time low.

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With buyer demand high and inventory low, home prices in the US continue to rise .

A new report by the Seattle-based real estate brokerage, Redfin, found that for the four-week period ending on April 11, the median home-sale price shot up to $341,250, a 17% year-over-year increase.

Homes that were sold during the four-week period sat on the market for a median of 23 days, the shortest length of time since 2012. And, 43% of homes sold over listing price, the highest percentage recorded by Redfin.The high prices are a result of limited inventory.When compared to the same four-week period in 2019, the number of new listings to hit the market was down 13% and the total number of active listings was down 47%, an all-time low.Looking at the lack of inventory on a broader scale, Freddie Mac estimated that by the end of 2020, there was a housing shortage of around 3.8 million units in the US, and the crisis doesn’t seem to be easing.In February, a report by real estate analytics corporation Black Knight found that housing inventory was down 40% […]

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