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The housing boom is real. Driven by a confluence of supply shortages and historically low interest rates, we may be living through one of the most challenging eras — ever — for home buying. And the data backs this up: Last month, Redfin reported some truly discouraging statistics that show much how the market has tightened even since last year. Here’s a bleak snapshot comparing the housing market in August with one year prior:

  • Median home-sale price increased to $361,225, up by 16%
  • Asking prices rose by 10% 
  • Pending home sales increased by 10%
  • 84% of homes that went under contract had an accepted offer within two weeks of hitting the market
  • Active listings decreased by 23%