Demand for housing continues to increase substantially amid pandemic

Homes across the country have been selling above asking price, obtaining multiple offers and selling within a week of being listed.
1:28 | 04/11/21

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Transcript for Demand for housing continues to increase substantially amid pandemic
Next tonight to the blistering housing market. The pandemic continues to drive up prices and demand, but leaving supply historically low. Here's Deirdre Bolton. Reporter: Tonight, homes across the U.S. Selling above asking price almost everywhere. And almost every sale a bidding war. We had two properties and by the end of that weekend we had a cumulative 35 offers. Reporter: Online realtor redfin reporting nearly half of all homes selling within a week of being listed. Nationally, prices are jumping by the most in 15 years, according to one survey. A jump seen in every region across the country according to another. This red-hot market is due in part to many better off Americans working remotely, able to move out of cities, bidding up prices with cash saved during the lockdown economy. It puts sellers in an enviable position. We got a personal note from -- from one potential buyer that sent a picture of their family with them with the dog. Reporter: But it can feel impossible for people trying to buy. Jessica Russell has lost bids on more than a dozen houses. I mean, cash is king. Sadly, I can't do that. I have to go through a mortgage and everything. Reporter: The frustration driving one Montana man competing with out of state buyers to plead in public for a deal he could afford. Also driving up prices, corporations are buying houses as investments. Making it even harder for everyday Americans.

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