Below are other key housing market takeaways for 434 U.S. metro areas during the 4-week period ending
- Since the four-week period ending
July 5, home prices have increased 6.8%. Over that same period in 2018 and 2019, prices declined an average of 4.4%.
- The median asking price of new listings was up 14.2% from a year earlier.
- Pending home sales climbed 32% year over year even as the number of sales continued a typical seasonal decline.
- New listings of homes for sale were up 8% from a year earlier.
- Active listings (the number of homes listed for sale at any point during the period) fell 29% from 2019 to a new all-time low.
- 45.2% of homes that went under contract had an accepted offer within the first two weeks on the market. This measure typically peaks in April or May and declines through the end of the year, but this year it has held steady since late June.
- The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, rose to 99.5%—an all-time high and 1.4 percentage points higher than a year earlier.
- For the week ending
October 18, the seasonally adjusted Redfin Homebuyer Demand Index was up 42% from pre-pandemic levels in January and February.
- Mortgage applications decreased 2% week over week (seasonally-adjusted) and were up 26% from a year earlier (unadjusted) during the week ending
October 16. For the week ending October 22, 30-year mortgage rates were down just slightly to 2.80%. Rates have been below 3% since late July.
"It's remarkable how this late in the year the market remains highly competitive," said Redfin chief economist
"More and more homes are selling above list price lately, which is something I haven't seen here since the build-up to the housing bubble in 2005," said
To view the full report, including charts and methodology, please visit: https://www.redfin.com/news/us-housing-market-strong-prices-up-15-percent/
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