
Housing Market Update: Fast Sales Increasingly Common This Fall
Homebuyer demand outstrips supply as mortgage rates creep up: demand has grown 15X faster than supply since 2019.
Tim Ellis has been analyzing the real estate market since 2005, and worked at Redfin as a housing market analyst from 2010 through 2013 and again starting in 2018. In his free time, he runs the independently-operated Seattle-area real estate website <a href="https://seattlebubble.com/" title="Seattle Bubble"><em>Seattle Bubble</em></a>, and produces the <a href="https://dispatches.fm/" title="Dispatches from the Multiverse">"Dispatches from the Multiverse" improvised comedy sci-fi podcast</a>.

Homebuyer demand outstrips supply as mortgage rates creep up: demand has grown 15X faster than supply since 2019.

Rents were up 11%, the fastest annual growth in at least two years; mortgage payments for new homebuyers rose 15%.

New listings of homes for sale fell 9% from a year earlier and closed home sales were down 5%.

This represents an uptick in the share of homes selling quickly, which is unexpected for this time of year. New listings fell 8% and sellers backed off from their record-high asking prices.

Mortgage rates rose above 3% for the first time since June and asking prices set a record high, but homebuyers aren’t slowing down.

Despite optimism from people listing their homes for sale, pending sales and new listings followed expected seasonal slowdowns.

Homebuyer demand outstrips supply as mortgage rates creep up: demand has grown 15X faster than supply since 2019.

Rents were up 11%, the fastest annual growth in at least two years; mortgage payments for new homebuyers rose 15%.

New listings of homes for sale fell 9% from a year earlier and closed home sales were down 5%.

This represents an uptick in the share of homes selling quickly, which is unexpected for this time of year. New listings fell 8% and sellers backed off from their record-high asking prices.

Mortgage rates rose above 3% for the first time since June and asking prices set a record high, but homebuyers aren’t slowing down.

Despite optimism from people listing their homes for sale, pending sales and new listings followed expected seasonal slowdowns.