A recent Redfin report says record-low inventory has “created a complete storm of insanity” in small, affordable markets with an exodus of buyers leaving the West Coast. In fact, they point out several key points to bolster their claim. Among them are:
- Median home sale price increased 12% from 2019 to $318,473—the highest on record.
- Pending home sales climbed 21% year over year, the largest increase since the four weeks ending October 18, 2015.
- New listings of homes for sale were up 7% from a year ago—the largest increase since the four weeks ending September 23, 2018. During just the last week of the period, new listings were up 11% from the same week a year earlier.
- Active listings fell 28% from 2019 to a new all-time low.
“Demand has been high, but we’re down to a record-low number of homes for sale, which has created a complete storm of insanity,” said Boise Redfin agent Kristin Lopez. “The majority of my recent buyers have been people moving here from out of state: California, Washington and Oregon. I’ve done 10 sight-unseen offers for these buyers in just the past couple of months. They are purchasing primary residences and are moving here to stay.”