According to a new report from Redfin, asking prices of newly listed homes hit a new all-time high of $343,961 on February 21, up 11% from the same time a year ago, while the median home sale price increased 15% year over year, to $321,250.
Pending home sales were up 18% year over year. During the single week ending February 21, pending sales were down 9% from two weeks prior. Over the same period in 2020, pending sales were up 7%.
New listings of homes for sale were down 17% from a year earlier, while active listings (the number of homes listed for sale at any point during the period) fell 40% from 2020 to a new all-time low.
Redfin says 55% of homes that went under contract had an accepted offer within the first two weeks on the market, which was well above the 44% rate during the same period a year ago. This is another new all-time high for this measure since at least 2012 (as far back as Redfin’s data for this measure goes). During the week ending February 21, 57% of homes sold in two weeks or less.
Moreover, 43% of homes that went under contract had an accepted offer within one week of hitting the market, up from 30% during the same period a year earlier. This is also an all-time high for this measure. During the week ending February 21, 44% sold in one week or less.
The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, increased slightly to 99.4% – 1.6 percentage points higher than a year earlier and an all-time high. During the week ending February 21, the ratio shot up to 99.8%, also an all-time high.
For the week ending February 21, the seasonally adjusted Redfin Homebuyer Demand Index – a measure of requests for home tours and other services from Redfin agents – was up 35% from the same period a year ago.
Mortgage purchase applications decreased 12% week over week (seasonally adjusted) and were up 7% from a year earlier (unadjusted) during the week ending February 19. For the week ending February 25, 30-year mortgage rates increased to 2.97%, the highest level since August.
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