The hot housing market is cooling down, but not by much: report
SAN FRANCISCO (KRON) — The red-hot housing market is beginning to cool down, according to a Redfin report released this week.
During the pandemic, there has been immense competition for buyers looking for their new home.
In some cases, homes have sold for over $1 million over asking price. In the Bay Area, this was the case for a house in Mountain View which sold for about $5.5 million within days of posting.
There was also a house in Berkeley that sold for $1 million over asking, after receiving a whopping 29 offers.
But Redfin says the market is starting to cool down some.
“Home purchase applications have been falling since late March and are now 7% below their average levels in January and February 2020, despite low mortgage rates and easing access to credit,” the report said.