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of homes that went under contract had an accepted offer within the first two weeks on the market, the highest level since at least 2012 (as far back as our data on this measure goes). The sudden rise of remote work has allowed homebuyers who are priced out of one neighborhood to expand their search to more affordable areas.
Key takeaways for the 4-week period ending August 2: A record-high share of homes are selling fast: 46% of homes sold within the first two weeks on the market, the highest level since at least 2012 (as far back as our data on this measure goes). Home sale prices were up 9% year over year to another new all-time high of over $311,000.
The housing market is like a national game of musical chairs right now, where everyone wants to jump in now that remote work and low mortgage rates have changed the rules of the game. The typical home that sold in August went under contract in 31 days—eight days less than a year earlier. But will the music soon stop? In August 32.0%
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