Pending sales were up just 4%, the smallest year-over-year increase since
"Home sellers continue to show their optimism with increasing asking prices," said Redfin Chief Economist
Key housing market takeaways for 400+
Unless otherwise noted, this data covers the four-week period ending
- The median home-sale price increased 13% year over year to
$356,358. This was up 0.2% from the four-week period ending September 19.
- Asking prices of newly listed homes were up 12% from the same time a year ago to a median of
$361,250, an all-time high. Asking prices have been on the rise throughout the month of September, in a typical late-summer seasonal uptick.
- New listings of homes for sale were down 8% from a year earlier. New listings have been below 2020 levels since the four-week period ending
- Active listings (the number of homes listed for sale at any point during the period) fell 22% from 2020.
- 46% of homes that went under contract had an accepted offer within the first two weeks on the market, above the 43% rate of a year earlier.
- 33% of homes that went under contract had an accepted offer within one week of hitting the market, up from 31% during the same period a year earlier.
- Homes that sold were on the market for a median of 20 days, nearly a week longer than the all-time low of 15 days seen in late June and July, and down from 32 days a year earlier.
- 48% of homes sold above list price, up from 34% a year earlier.
- On average, 5% of homes for sale each week had a price drop, up 1.4 percentage points from the same time in 2020, and the highest level since the four-week period ending
October 13, 2019.
- The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, decreased to 101%. In other words, the average home sold for 1% above its asking price.
Other leading indicators of homebuying activity:
- Mortgage purchase applications decreased 1% week over week (seasonally adjusted) during the week ending
September 24. For the week ending September 23, 30-year mortgage rates were up slightly at 2.88%.
January 1 to September 26, home tours were up 7%, compared to a 29% increase over the same period last year, according to home tour technology company ShowingTime.
- The Redfin Homebuyer Demand Index fell during the week ending
September 26, but was up 8% from a year earlier. The seasonally adjusted Redfin Homebuyer Demand Index is a measure of requests for home tours and other home-buying services from Redfin agents.
To view the full report, including charts and methodology, please visit: https://www.redfin.com/news/housing-market-update-asking-prices-hit-new-high/
Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than
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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Redfin Journalist Services, Kenneth Applewhaite, 206-588-6863, email@example.com