Redfin

While low interest rates and low existing-home supply are behind much of the growth, the single-family rental market is also fueling demand.

Average prices were up 15% compared to the same month in 2020.

But the online real estate company is eliminating nearly half of the positions in its existing mortgage business as a result of the deal.

The month saw the highest median home sales price ever along with the quickest time ever to sell a new listing.

These trends, in addition to the increase in appraisal contingency waivers, could add risk to mortgage lender businesses.

Falling interest rates more than canceled out median home listing prices, reaching an all-time time high during the month, Redfin said.

The number of bidding wars increased for the sixth consecutive month, as Salt Lake City remained the most competitive housing market, according to Redfin.

With the coronavirus cutting employment or wages in 32% of households, the number of potential homebuyers could shrink and cause home price growth to hit its inflection point, analysts say.

The number of bidding wars increased for the fifth straight month, with Salt Lake City posting the highest rate of competitive listings in two years, according to Redfin.

After an annual gain in July, newly constructed home listings tumbled in August as coronavirus complications caused the largest inventory drops on record, according to Redfin.