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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 32% year over year.
- New listings of homes for sale were down 10% from a year earlier—the largest decline since June.
- Active listings (the number of homes listed for sale at any point during the period) fell 34% from 2020 to a new all-time low.
- 40% of homes that went under contract had an accepted offer within the first two weeks on the market, well above the 30% 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, increased slightly to 99.3%—1.6 percentage points higher than a year earlier.
- For the week ending
January 17 , the seasonally adjusted Redfin Homebuyer Demand Index—a measure of requests for home tours and other services from Redfin agents—was up 50% from pre-pandemic levels in January and February of 2020—the highest level on record. - Mortgage purchase applications increased 3% week over week (seasonally adjusted) and were up 15% from a year earlier (unadjusted) during the week ending
January 15 . For the week endingJanuary 21 , 30-year mortgage rates declined to 2.77%.
"Even with prices soaring and the number of homes for sale at an all time low, homebuyers are moving as quickly as they can to buy every home that comes on the market," 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-10pct/
About Redfin
Redfin (www.redfin.com) is a technology-powered residential real estate company, redefining real estate in the consumer's favor in a commission-driven industry. We do this by integrating every step of the home buying and selling process and pairing our own agents with our own technology, creating a service that is faster, better and costs less. We offer brokerage, iBuying, mortgage, and title services, and we are the #1 nationwide brokerage website, offering a host of online tools to consumers, including the Redfin Estimate. We represent people buying and selling homes in over 90 markets in
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