News Releases
"The imbalance between supply and demand reached a new high in January," said Redfin chief economist
Median prices increased from a year earlier in all 85 of the largest metro areas Redfin tracks. The smallest price gains compared to a year earlier were in
Market Summary |
|
Month-Over-Month |
Year-Over-Year |
Median sale price |
|
-0.8% |
14.3% |
Homes sold, seasonally-adjusted |
651,900 |
0.3% |
20.3% |
Pending sales, seasonally-adjusted |
649,100 |
3.7% |
36.5% |
New listings, seasonally-adjusted |
594,000 |
-17.0% |
-6.0% |
All homes for sale, seasonally-adjusted |
1,612,200 |
-2.4% |
-23.6% |
Median days on market |
34 |
3 |
-23 |
Months of supply |
1.6 |
0.4 |
-1.7 |
Sold above list |
32.9% |
-0.6 pts† |
14.0 pts† |
Median off-market Redfin Estimate |
|
3.4% |
12.9% |
Average sale-to-list |
99.3% |
0.0 pts† |
1.6 pts† |
Average 30-year fixed mortgage rate |
2.74% |
0.06 pts† |
-0.88 pts† |
† - "pts" = percentage-point change |
Home sales were up 20% in January from a year earlier on a seasonally-adjusted basis, down from the record high of 25% set in October, but still the third-highest gain on record since at least 2013.
The number of homes sold in January was up from a year earlier in all but five of the 85 largest metro areas Redfin tracks. The largest gains in sales were in
Active listings—the count of all homes that were for sale at any time during the month—fell 24% year over year to their lowest level on record in January. This also marks the largest year-over-year drop on record, and the 18th-straight month of declines.
Only four of the 85 largest metros tracked by Redfin posted a year-over-year increase in the count of seasonally-adjusted active listings of homes for sale. The largest gains were in
Compared to a year ago, the biggest declines in active housing supply in January were in
Measures of competition such as time on market and the share of homes sold above list price showed some seasonal softening in January, but remain at the most extreme levels ever seen for this time of year, providing little relief for hopeful homebuyers.
The typical home that sold in January went under contract in 34 days—22 days fewer than a year earlier.
In January, 33% of homes sold above list price, down slightly from the peak of 35% in November but up from 19% a year earlier.
To read the full report, including additional metro-level data highlights, please visit: https://www.redfin.com/news/near-record-14-pct-home-price-gains/.
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 also run the country's #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, Erin Osgood, 206-588-6863, press@redfin.com