Below are other key housing market takeaways for more than 400 U.S. metro areas during the 4-week period ending
- Pending home sales were up 35% year over year.
- New listings of homes for sale were down 3% from a year earlier—the first decline since July.
- Active listings (the number of homes listed for sale at any point during the period) fell 33% from 2020 to a new all-time low.
- 38% of homes that went under contract had an accepted offer within the first two weeks on the market, well above the 27% rate during the same period a year ago.
- The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, declined slightly to 99.3%—still 1.5 percentage points higher than a year earlier.
- For the week ending
January 10, the seasonally adjusted Redfin Homebuyer Demand Index—a measure of requests for home tours and other services from Redfin agents—was up 40% from pre-pandemic levels in January and February of 2020.
- Mortgage purchase applications increased 8% week over week (seasonally-adjusted) and were up 10% from a year earlier (unadjusted) during the week ending
January 8. For the week ending January 14, 30-year mortgage rates edged up to 2.79%.
"Buyers are likely disappointed by the lack of new homes listed in the past month," said Redfin chief economist
To view the full report, including charts and methodology, please visit: https://www.redfin.com/news/housing-market-update-new-listings-down-3pct/
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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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Redfin Journalist Services, Isabelle Novak, 414-861-5861, firstname.lastname@example.org