Redfin

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.

Outside the densely populated coastal hubs, annual home sales grew by leaps and bounds, as buying patterns shifted toward more space with less emphasis on proximity to urban centers, according to Redfin.

Median closing prices hit a new record high during the four-week period ended Sept. 6, Redfin said.

More than half of listings underwent bidding wars in August with some housing markets peaking above 65%, according to Redfin.

Home purchase power increased by almost 7% annually in July as mortgage rates were at or near record lows.

With mortgage rates and housing inventory both at all-time lows, the majority of consumers would overshoot their budgets for the right home without accounting for future costs, according to LendingTree.

The housing market reaped the rewards of new construction increasing before the coronavirus took effect, netting a boost in July sales, according to Redfin.

Recent changes to housing policy and uncertainty regarding the coronavirus could slow that growth.

As inventory dropped to an all-time low in July, borrowers hunted for houses further and further from city centers, causing price spikes in rural markets, according to Redfin.

About 54% of properties underwent bidding wars in July with some metro areas peaking at 75%, according to Redfin.

Squeezed up by a combination of low supply and high demand, home prices broke records in nearly every major Washington county last month, even as the pandemic's onslaught continued to wreak havoc with other parts of the economy.

The year-over-year increase came as homebuying picked up and the company's mortgage lending business boomed.

With low inventory and coronavirus limiting accessibility, nearly half of shoppers made offers sight-unseen in June, according to Redfin.

With inventory tight and demand compounded by a nonexistent spring home-buying season, a fifth of all buyers waived inspection or appraisal contingencies to win bidding wars, according to Redfin.

Property owners are taking a wait-and-see approach, possibly because of economic uncertainty.