An unusual set of circumstances led to an array of mortgage industry records being broken in 2021.

“The ongoing pandemic, including its seismic effect on the U.S. economy and the way Americans live and work, has made 2021’s housing market anything but typical,” said Redfin Chief Economist Daryl Fairweather. “Remote work, low mortgage rates, a shortage of building materials and wealth inequality that has allowed an influx of affluent Americans to buy vacation homes, to name just a few factors, have come together to create a historic year for real estate. Buyers paid more for homes, bought sooner than they planned, searched outside their hometowns or all of the above. This year’s frenzied housing market has been one for the books—but it may become more balanced in 2022.”  According to Redfin, these are just some of the top records that were broken over the course of last year: 

• The typical home sold for nearly $400,000 ($386,000).
• The home supply fell to its lowest level in history.
• The typical home sold in just 15 days.
• Over 60% of the homes went off the market in two weeks.
• More than half the homes sold for over their list price.
• Mortgage rates hit a record low before rebounding. 
• Investors corralled a record percentage of the market.
  

Source: Redfin