Adjusted for seasonality, home purchase applications have been falling since late March and are now 7% below their average levels in January and
"Homebuyers may have found a better way to spend
"While the market has not come to a full stop, we are seeing signs of yielding," said
Key housing market takeaways for 400+
Unless otherwise noted, this data covers the four-week period ending
Data on homes listed and/or sold during the period:
- The median home-sale price increased 24% year over year to
$358,749, a record high.
- Asking prices of newly listed homes hit a new all-time high of
$364,725, up 14% from the same time a year ago.
- Pending home sales were up 29% year over year. Seasonally adjusted pending sales are down 9.7% from their peak four weeks ago. The sudden slowdown in pending sales is likely due to more people opting to pause their home search and take advantage of the holiday weekend.
- New listings of homes for sale were up 9% from a year earlier.
- Active listings (the number of homes listed for sale at any point during the period) fell 37% from 2020, and have been relatively flat since late February.
- 56% of homes that went under contract had an accepted offer within the first two weeks on the market, well above the 43% rate during the same period a year ago.
- 43% 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 16 days, a new all-time low and down from 38 days a year earlier.
- A record 53% of homes sold above list price, up from 25% a year earlier.
- The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, increased to 102.1%—3.7 percentage points higher than a year earlier and an all-time high.
Other other leading indicators of homebuying activity:
- Mortgage purchase applications increased 0.3% week over week (seasonally adjusted) during the week ending
June 4. For the week ending June 10, 30-year mortgage rates decreased to 2.96%.
- 35% of consumers said it is a good time to buy a home in May, according to Fannie Mae's homebuying sentiment index, down from 47% in April and 52% in
- Home tours as of
June 6were 26% above their level at the beginning of the year, compared to 40% at the same period in 2020, according to home tour technology company ShowingTime.
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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