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However, while the April housing market felt the full force of coronavirus, Redfin's latest data shows that buy-side demand has exceeded pre-pandemic levels. More details of current housing demand can be found in Redfin's weekly market report.
Home sales in April plunged 22.5% from a year ago, as did both the number of homes newly listed for sale (-42.4%) and the number of homes available for sale (-24.5%). Home prices were still up from a year ago, but the rate of growth in the
April home sales fell 23% nationwide from March on a seasonally-adjusted basis, by far the largest decline on record (Redfin data for this statistic goes back to
Market Summary |
|
Month-Over-Month |
Year-Over-Year |
Median sale price |
|
0.3% |
4.9% |
Homes sold, seasonally-adjusted |
409,100 |
-22.8% |
-22.5% |
New listings, seasonally-adjusted |
361,800 |
-34.9% |
-42.4% |
All Homes for sale, seasonally-adjusted |
1,662,200 |
-14.4% |
-24.5% |
Median days on market |
35 |
-9 |
-7 |
Months of supply |
2.88 |
0.35 |
0.05 |
Sold above list |
27.7% |
2.5 pts† |
3.6 pts† |
Median Off-Market Redfin Estimate |
|
0.5% |
1.7% |
Average Sale-to-list |
98.8% |
0.2 pts† |
0.4 pts† |
† - "pts" = percentage point change |
"The supply of homes for sale declined even more dramatically than homebuyer demand in April," said Redfin lead economist
Many of the nation's most affordable housing markets are continuing to see sizable price gains. Nine of the top 10 metro areas where home prices rose the most year over year still had median prices below the national level, led in April by
The national count of active listings of homes for sale fell 24.5% year over year during April, the biggest drop on record and the eighth straight month of declines. There were fewer homes for sale last month than any time since at least
So far, the pandemic has only slightly slowed the rapid gains Redfin had been seeing earlier in the year in the sales prices of homes.
"The typical time between when a home went under contract and when the sale closes is still about four weeks nationally," explained Marr. "This means that many of the homes sold in April went under contract after the WHO declared that COVID-19 was a global pandemic, after initial claims for unemployment set new records, and after case numbers were already growing rapidly in the
One thing that may be helping to prop up prices is low mortgage rates, which were as low as 3.29% during the first week of March when many offers were made on homes that sold in April. This was 1.12 percentage points lower than the same week of 2019, a monthly savings of
Other measures of the market showed how competitive it was in April, despite lockdowns across the nation. Homes sold faster and a greater share sold for over list price than a year ago, clearly indicating that it is still a seller's market.
Homes that sold in April spent six fewer days on market compared to the prior year. In April, the typical home went under contract in 35 days, compared to 41 days in
To view the full report, including charts and methodology, please visit: https://www.redfin.com/blog/housing-market-news-april-2020/
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 90 major metro areas across the
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the
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SOURCE Redfin
Redfin Journalist Services: Isabelle Novak, (414) 861-5861, press@redfin.com