Below are other key housing market takeaways for more than 400 U.S. metro areas during the 4-week period ending
- Asking prices of newly listed homes hit a new all-time high of
$343,961, up 11% from the same time a year ago.
- Pending home sales were up 18% year over year. During the single week ending
February 21, pending sales were down 9% from two weeks prior. Over the same period in 2020, pending sales were up 7%. It's likely that last week's massive winter storm impacted housing market activity in many parts of the country.
- New listings of homes for sale were down 17% from a year earlier.
- Active listings (the number of homes listed for sale at any point during the period) fell 40% from 2020 to a new all-time low.
- 55% of homes that went under contract had an accepted offer within the first two weeks on the market, well above the 44% rate during the same period a year ago. This is another new all-time high for this measure since at least 2012 (as far back as Redfin's data for this measure goes). During the week ending
February 21, 57% of homes sold in two weeks or less.
- 43% of homes that went under contract had an accepted offer within one week of hitting the market, up from 30% during the same period a year earlier. This is also an all-time high for this measure. During the week ending
February 21, 44% sold in one week or less.
- The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, increased slightly to 99.4%—1.6 percentage points higher than a year earlier and an all-time high. During the week ending
February 21, the ratio shot up to 99.8%, also an all-time high.
- For the week ending
February 21, the seasonally adjusted Redfin Homebuyer Demand Index—a measure of requests for home tours and other services from Redfin agents—was up 35% from the same period a year ago.
- Mortgage purchase applications decreased 12% week over week (seasonally adjusted) and were up 7% from a year earlier (unadjusted) during the week ending
February 19. For the week ending February 25, 30-year mortgage rates increased to 2.97%, the highest level since August.
"The housing market is now like a Soviet-era supermarket, with most of the shelves empty," said Redfin CEO
To view the full report, including charts and methodology, please visit: https://www.redfin.com/news/housing-market-update-polar-freeze/
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