Homes continue to sell quickly as the shrinking pool of buyers rushes to beat rapidly rising mortgage rates, according to real estate brokerage Redfin.
Just 15 days on average was needed for the typical home to sell—the fastest pace on record—for the four-week period ending May 8.
"Homebuyers who remain are facing stiff competition, especially for the most desirable homes," Redfin chief economist Daryl Fairweather said in prepared remarks. "Given the lack of homes for sale, it would take a much larger drop in demand for buyers to really feel like the market has truly turned in their favor."
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