Below are other key housing market takeaways for more than 400 U.S. metro areas during the 4-week period ending
Note that at this time last year, pandemic stay-at-home orders halted homebuying and selling, which makes year-over-year comparisons unreliable for select housing metrics. As such, Redfin has broken this report into two sections: metrics that are OK to compare to the same period in 2020, and metrics for which it makes more sense to compare to the same period in 2019.
Metrics to compare to 2020:
- A record-high median home sale price of
$354,250, and sales were up 24% year over year, also a record.
- Asking prices reached a median
$361,875, also a record high.
- A record-high 101.9% average sale-to-list price ratio, which measures how close homes are selling to their asking prices, up 3.4 percentage points year over year. This means that the average home sold for 1.9% more than its asking price.
- A record low of 17 days on market for homes that sold during the period, down from 36 days from the same period in 2020.
The share of homes sold in one or two weeks are both just shy of their record high level, which was set during the four-week period ending
- 57% of homes that went under contract had an accepted offer within the first two weeks on the market.
- 44% of homes that went under contract had an accepted offer within one week of hitting the market.
Metrics to compare to 2019:
- Pending home sales were up 19% from the same period in 2019, but are down 3% from the four-week period ending
- New listings of homes for sale were down 8% from the same period in 2019, and are down slightly from the 2021 high, which was set during the four-week period ending
- Active listings (the number of homes listed for sale at any point during the period) fell 49% from the same period in 2019.
For the week ending
"We are seeing a typical late-spring slowdown in new listings and pending sales," said Redfin Chief Economist
To view the full report, including charts and methodology, please visit: https://www.redfin.com/news/housing-market-update-home-prices-surge-24-pct/
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