Below are other key housing market takeaways for 434 U.S. metro areas during the 4-week period ending
- The median asking price of new listings was up 12.8% from a year earlier. This growth rate has been declining since the four-week period ending
August 30, when it peaked at 15.7%.
- Pending home sales climbed 30% year over year.
- New listings of homes for sale were up 5% from a year earlier. Year-over-year growth in new listings have been above 5% since the four-week period ending
- Active listings (the number of homes listed for sale at any point during the period) fell 28% from 2019 to a new all-time low. The rate of year-over-year supply declines has remained consistent at this level for the past few months.
- 45.8% of homes that went under contract had an accepted offer within the first two weeks on the market. This has also held relatively steady for the last 17 weeks.
- The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, rose to 99.4%—an all-time high and 1.2 percentage points higher than a year earlier.
- For the week ending
September 27, the seasonally adjusted Redfin Homebuyer Demand Index was up 34.8% from pre-pandemic levels in January and February.
- Mortgage applications decreased 2% week over week during the week ending
September 25. For the week ending October 1, 30-year mortgage rates fell to 2.88%. Rates have been below 3% since late July.
"The question on everyone's mind is 'how fast can prices keep rising?'," said Redfin chief economist
Lack of strong growth in new listings is likely a direct result of the ongoing pandemic. In a recent survey of over 1,400 homebuyers and sellers, 20% of respondents said that now is a bad time to sell a home, up from just 9% in the first quarter of the year. In the same survey 38% of home sellers said that they have health or safety concerns due to the coronavirus pandemic, compared to just 8% of homebuyers who cited coronavirus as a concern.
To view the full report, including charts and methodology, please visit: https://www.redfin.com/blog/hot-us-real-estate-market-sept-27/
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