During the four-week period ending
"The fact that homebuyer demand is setting new records as summer draws to a close leads me to believe that home prices have room to grow," 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
$356,663. This was essentially flat from the four-week period ending September 12.
- Asking prices of newly listed homes were up 11% from the same time a year ago to a median of
$359,724, an all-time high.
- Pending home sales were up 6% year over year.
- New listings of homes for sale were down 6% 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 21% 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, up from the all-time low of 15 days seen in late June and July, and down from 32 days a year earlier.
- 49% of homes sold above list price, up from 34% a year earlier.
- On average, 4.9% of homes for sale each week had a price drop, up 0.8 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 101.2%. In other words, the average home sold for 1.2% above its asking price.
Other leading indicators of homebuying activity:
- Mortgage purchase applications increased 2% week over week (seasonally adjusted) during the week ending
September 17. For the week ending September 16, 30-year mortgage rates were down slightly at 2.86%.
January 1 to September 19, home tours were up 11%, compared to a 33% increase over the same period last year, according to home tour technology company ShowingTime.
- The Redfin Homebuyer Demand Index hit a 3-year high during the week ending
September 19, up 23% from a year earlier.
To view the full report, including charts and methodology, please visit:
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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