The holiday season didn't stop homebuyers from entering bidding wars. According to a report, three out of five home offers faced bidding wars in Dec. 2021.
The median home sale price surged 16% year over year to an all-time high of $365,000 during the week ending Jan. 9, according to a new report from Redfin.
Prices keep climbing because the supply drought keeps deepening while demand increases, the company said. The number of homes for sale fell to a new low as listings hit the market at a slower rate than they did early last year.
Still, homebuyer activity as measured by the Redfin Homebuyer Demand Index jumped 9%, according to the report.