The U.S. housing market is exploding right now -- which is bad news if you're looking to buy a home!
According to the real estate company Redfin, the number of homes for sale is down by 40% from just one year ago, and prices are up 20%. It's making for an extremely competitive market, with half of all listings are sold within a week! And selling for more than the asking price.
“I am concerned about how we as a society are going to reckon with just how expensive housing has become,” said Redfin Chief Economist Daryl Fairweather. “But I’m not worried about a housing crash because these sky-high prices are supported by the new reality of well-funded buyers who are often benefiting from newfound mobility via remote work. As the economy recovers, we have the opportunity to reimagine our country’s role in supporting a healthy housing market."
Read about all the extremes buyers are going to to land a home right now on CNN Business.