National property broker Redfin is reporting that as U.S. home prices continued to spike in October 2021, "fast" home sales became more common at the same time.
The national median sale price during the four-week period ending October 31 was up 13% compared to the same period last year and 1.5% from three weeks earlier. This is compared to a 0.1% increase over the same period in 2019.
Mortgage rates were down slightly in the latest week, but have risen 30 basis points since August and the share of homes sold in one week rose to 33%, up 2.2 percentage points since September 12. During the same period in 2019, the share of homes sold in a week fell 1.2 points.
"Rising mortgage rates have lit a fire under many homebuyers," said Redfin Chief Economist Daryl Fairweather. "Fear of missing out (FOMO) is always a powerful force in this supply-constrained housing market, but especially so today for buyers who weren't able to snag a home last year before mortgage payments shot up by 15%. With this renewed FOMO, the housing market is heating up from the slight lull a few months ago."
Other key market trends for 400+ U.S. metros: