The Redfin Homebuyer Demand Index—a measure of requests for home tours and other home-buying services from Redfin agents—has fallen below 2020 levels for the first time this year (-1% year over year for the week ending
"Some homebuyers are pausing or abandoning their plans to buy because homes in their area have gotten too expensive," said Redfin Chief Economist
Key housing market takeaways for 400+
Unless otherwise noted, this data covers the four-week period ending
Data based on homes listed and/or sold during the period:
- The median home-sale price increased 23% year over year to
$361,750, a record high.
- Asking prices of newly listed homes were up 13% from the same time a year ago to a median of
$362,600, down 0.2% from $363,250during the four-week period ending June 6. From a seasonal perspective, asking prices have held up higher and for longer than they typically do at this point in the late spring.
- Pending home sales were up 21% year over year. For the week ending
June 20, pending sales were down 10% from the 2021 peak during the week ending May 30.
- New listings of homes for sale were up 6% from a year earlier and have declined 5% from the 2021 peak during the four-week period ending
- Active listings (the number of homes listed for sale at any point during the period) fell 34% from 2020, but have climbed 5% since the 2021 low during the four week period ending
- 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, but down 1.7 percentage points from the high point of the year, set during the four-week period ending
- 41% of homes that went under contract had an accepted offer within one week of hitting the market, up from 32% during the same period a year earlier, but down 2.1 percentage points from the high point of the year, set during the four-week period ending
- Homes that sold were on the market for a median of 15 days, a new all-time low and down from 39 days a year earlier.
- A record 54% of homes sold above list price, up from 26% a year earlier.
- The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, increased to 102.3%. In other words, the average home sold for 2.3% above its asking price. This measure is 3.8 percentage points higher than a year earlier and an all-time high.
Other other leading indicators of homebuying activity:
- Mortgage purchase applications increased 1% week over week (seasonally adjusted) during the week ending
June 18. For the week ending June 24, 30-year mortgage rates rose to 3.02%, the first time rates have been above 3% in ten weeks.
- Home tours as of
June 20were 30% above their level at the beginning of the year, compared to 48% increase at the same point last year according to home tour technology company ShowingTime.
- The seasonally adjusted Redfin Homebuyer Demand Index fell below 2020 levels for the first time this year during the week ending
June 20, and is down 18% from the 2021 high point, which was hit during the week ending March 28.
To view the full report, including charts and methodology, please visit:
Redfin (www.redfin.com) is a technology-powered real estate broker, instant home-buyer (iBuyer), lender, title insurer, and renovations company. 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. 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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