NEWPORT, RI — 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."
Newport housing market
The median sale price for single-family homes in the 02840 ZIP code was $701,000 from June through August, according to Redfin; that was 16 percent higher than during the same period last year.
Redfin tracked 75 homes that were sold during the same period, and 45 percent sold above list price. There were 74 new listings during this time, the firm said.
Not every home went under contract quickly in 02840, but 39 percent were under contract 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/newport-housing-market-still-hot/ar-AAPPL7i358