REDONDO BEACH, CA — The housing market typically cools off during the fall and winter, but experts predict that it will stay hot the rest of the year.
Demand is still strong, but the number of homes on the market is still low in most parts of the country, said Daryl Fairweather, chief economist at Redfin, a national real estate brokerage. Home prices are expected to keep rising nationally as a result, although at a much slower rate.
The biggest factor affecting prices in the housing market is the very low supply of existing homes for sale, Fairweather said. New construction is needed to help bring housing supply and demand closer together, she said.
Construction trends for 2022 appear to be positive, she said.
"We definitely need to build more homes to alleviate the price pressure," Fairweather said. "People are also moving to areas where it's easier to build homes."
Redondo Beach housing market
The median sale price for single-family homes in the 90278 ZIP code was $1,403,750 from June through August, according to Redfin; that was 28 percent higher than during the same period last year.
Redfin tracked 72 homes that were sold during the same period, and more than three out of four sold above list price. There were 69 new listings during this time, the firm said.
Not every home went under contract quickly in 90278, but 33 percent were under contract within two weeks of being listed.
ZIP code 90277
The median sale price for single-family homes in the 90277 ZIP code was $1,908,000 from June through August, according to Redfin; that was 10 percent higher than the same time last year.
Redfin tracked 46 homes sales during the same period, and more than half sold for above list price. There were 45 new listings during this time, the firm said.
Not every home went under contract quickly in 90277, but 50 percent went off-market within two weeks of being listed.
Editor's note: This post was automatically generated using preliminary data from Redfin. Data is subject to revisions. Redfin is a Patch promotional partner. Please report any errors or other feedback to [email protected].
Source : https://www.msn.com/en-us/finance/realestate/redondo-beach-housing-market-still-hot/ar-AAPQ1Xk449